The price of oil seems to be tracking the positive slope in the 50-Day SMA ($77.50) as it reverses ahead of the moving average.
Crude Oil Outlook
The price of oil may extend the three-day rally as it carves a series of higher highs and lows, with a breach above the monthly high ($84.89) bringing $87.30 (78.6% Fibonacci retracement) on the radar.
Next area of interest comes in around $93.50 (38.2% Fibonacci retracement), which comes in just below the November 2022 high ($93.74), and the price of oil may exhibit a bullish trend as it seems to be tracking the positive slope in the moving average.
However, failure to test the monthly high ($84.89) may push the price of oil back below the $82.10 (50% Fibonacci retracement) to $82.60 (23.6% Fibonacci extension) area, with the next region of interest coming in around $78.70 (50% Fibonacci retracement).
Crude Oil Outlook
The price of oil may extend the three-day rally as it carves a series of higher highs and lows, with a breach above the monthly high ($84.89) bringing $87.30 (78.6% Fibonacci retracement) on the radar.
Next area of interest comes in around $93.50 (38.2% Fibonacci retracement), which comes in just below the November 2022 high ($93.74), and the price of oil may exhibit a bullish trend as it seems to be tracking the positive slope in the moving average.
However, failure to test the monthly high ($84.89) may push the price of oil back below the $82.10 (50% Fibonacci retracement) to $82.60 (23.6% Fibonacci extension) area, with the next region of interest coming in around $78.70 (50% Fibonacci retracement).
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.