Crude Oil Sets Fresh 2023 High as RSI Sits in Overbought Zone
The price of oil continues to carve a series of higher highs and lows to register a fresh yearly high ($91.36), and crude may continue to approach the November 2022 high ($93.74) as the Relative Strength Index (RSI) holds above 70.
Crude Oil Outlook
The price of oil has cleared the range-bound price action from earlier this month to keep the RSI in overbought territory, with a break above the November 2022 high ($93.74) bringing the August 2022 high ($98.65) on the radar.
However, failure to test the $93.50 (38.2% Fibonacci retracement) to $93.70 (50% Fibonacci retracement) area may generate a textbook sell signal in the RSI, with a move below the $86.60 (38.2% Fibonacci retracement) to $87.30 (78.6% Fibonacci retracement) raising the scope for a test of the monthly low ($83.46).
Crude Oil Outlook
The price of oil has cleared the range-bound price action from earlier this month to keep the RSI in overbought territory, with a break above the November 2022 high ($93.74) bringing the August 2022 high ($98.65) on the radar.
However, failure to test the $93.50 (38.2% Fibonacci retracement) to $93.70 (50% Fibonacci retracement) area may generate a textbook sell signal in the RSI, with a move below the $86.60 (38.2% Fibonacci retracement) to $87.30 (78.6% Fibonacci retracement) raising the scope for a test of the monthly low ($83.46).
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.