The price of oil trades above the 50-Day SMA ($71.36) as it extends the series of higher highs and lows from last week.
Crude Oil Outlook
The price of oil may attempt to retrace the decline from the June high ($75.06) as it registers a fresh weekly high ($72.34), with a break/close above $75.60 (38.2% Fibonacci extension) bringing the May high ($76.69) on the radar.
However, the price of oil may track the negative slope in the moving average if it struggles to test the June high ($75.06), and failure to hold above the $70.00 (50% Fibonacci extension) to $70.60 (61.8% Fibonacci retracement) region may push crude towards the $64.40 (61.8% Fibonacci extension).
Crude Oil Outlook
The price of oil may attempt to retrace the decline from the June high ($75.06) as it registers a fresh weekly high ($72.34), with a break/close above $75.60 (38.2% Fibonacci extension) bringing the May high ($76.69) on the radar.
However, the price of oil may track the negative slope in the moving average if it struggles to test the June high ($75.06), and failure to hold above the $70.00 (50% Fibonacci extension) to $70.60 (61.8% Fibonacci retracement) region may push crude towards the $64.40 (61.8% Fibonacci extension).
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.