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Patrick Karim: Oil traded between $11 and $37 for over two decades before rallying more than 270%

Patrick Karim: Oil traded between $11 and $37 for over two decades before rallying more than 270%
Oil breaks narrow range and surges

Oil prices once moved in a narrow range between $11 and $37 for more than twenty years before breaking out and rallying more than 270%.

Patrick Karim, a technical analyst at Technical Traders Ltd, added that after its breakout, oil surged an additional $100 to close above $140 within four years.

Patrick Karim has previously noted that gold is struggling to outperform stock markets and may need additional time before breaking out, according to a recent analysis. He also suggested that silver could take up to two more years to clear its $95 all-time highs, cautioning on the timeline for bullish targets in a separate report. These observations come as analysts assess how other commodities have performed following prolonged periods of range-bound prices.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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