The recent rally in oil appears to have stalled as it struggles to extend the bullish price series from earlier this week, with the Relative Strength Index (RSI) pulling back ahead of overbought territory.
Lack of momentum to hold above the $67.60 (61.8% Fibonacci retracement) to $69.10 (38.2% Fibonacci retracement) zone may push the price of oil toward $65.30 (38.2% Fibonacci retracement), with a breach of the monthly low ($63.36) bringing $61.50 (61.8% Fibonacci retracement) on the radar.
At the same time, the price of oil may defend the advance from earlier this week should it hold above the $67.60 (61.8% Fibonacci retracement) to $69.10 (38.2% Fibonacci retracement) zone, with a move/close above the $73.90 (23.6% Fibonacci retracement) to $74.50 (50% Fibonacci retracement) region bringing the June high ($77.09) on the radar.
--- Written by David Song, Senior Strategist at FOREX.com
Lack of momentum to hold above the $67.60 (61.8% Fibonacci retracement) to $69.10 (38.2% Fibonacci retracement) zone may push the price of oil toward $65.30 (38.2% Fibonacci retracement), with a breach of the monthly low ($63.36) bringing $61.50 (61.8% Fibonacci retracement) on the radar.
At the same time, the price of oil may defend the advance from earlier this week should it hold above the $67.60 (61.8% Fibonacci retracement) to $69.10 (38.2% Fibonacci retracement) zone, with a move/close above the $73.90 (23.6% Fibonacci retracement) to $74.50 (50% Fibonacci retracement) region bringing the June high ($77.09) on the radar.
--- Written by David Song, Senior Strategist at FOREX.com
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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.