The price of oil may attempt to test the monthly low ($71.67) as it extends the decline from the previous week.
Crude Oil Price Outlook
Failure to hold above the $72.90 (78.6% Fibonacci retracement) to $73.20 (78.6% Fibonacci retracement) region raises the scope for a move towards $71.50 (38.2% Fibonacci extension) with a breach below the January low ($69.28) opening up the December low ($67.71).
At the same time, crude may trade within in yearly range should it defend the February low ($71.41) with a move back above $76.30 (61.8% Fibonacci retracement) bringing the $78.50 (50% Fibonacci retracement) to $79.00 (50% Fibonacci retracement) area on the radar.
--- Written by David Song, Strategist at FOREX.com
Crude Oil Price Outlook
Failure to hold above the $72.90 (78.6% Fibonacci retracement) to $73.20 (78.6% Fibonacci retracement) region raises the scope for a move towards $71.50 (38.2% Fibonacci extension) with a breach below the January low ($69.28) opening up the December low ($67.71).
At the same time, crude may trade within in yearly range should it defend the February low ($71.41) with a move back above $76.30 (61.8% Fibonacci retracement) bringing the $78.50 (50% Fibonacci retracement) to $79.00 (50% Fibonacci retracement) area on the radar.
--- Written by David Song, Strategist at FOREX.com
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.