Buyers look towards September month high, sellers await the break of short-term support line for fresh entry.
Overbought RSI conditions favor the Bears’ entry.
While September month top, near $63.15, seems to be on the Bulls’ radar, May 20 low near $62.60 can act as an intermediate halt during the black gold’s further rise.
However, overbought conditions of 14-bar Relative Strength Index (RSI) raise hopes of a pullback towards adjacent support trend line stretched from December 03, at $60.60 now.
Should prices slip below $60.60, a fresh decline towards 23.6% Fibonacci retracement of the monthly run-up, at $59.70, can be expected.
In a case where energy sellers keep dominating after $59.70, 38.2% Fibonacci retracement and November 22 high close to $58.80/75 will be on their watch-list.
Overbought RSI conditions favor the Bears’ entry.
While September month top, near $63.15, seems to be on the Bulls’ radar, May 20 low near $62.60 can act as an intermediate halt during the black gold’s further rise.
However, overbought conditions of 14-bar Relative Strength Index (RSI) raise hopes of a pullback towards adjacent support trend line stretched from December 03, at $60.60 now.
Should prices slip below $60.60, a fresh decline towards 23.6% Fibonacci retracement of the monthly run-up, at $59.70, can be expected.
In a case where energy sellers keep dominating after $59.70, 38.2% Fibonacci retracement and November 22 high close to $58.80/75 will be on their watch-list.
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.