Oil Price Rally Eyes April High
The price of oil may continue to retrace the decline from the April high ($87.67) as it carves a series of higher highs and lows.
Crude Oil Price Outlook
The price of oil extends the advance from the previous week to push the Relative Strength Index (RSI) to its highest level since April, with a close above $83.30 (23.6% Fibonacci retracement) raising the scope for a move towards $85.20 (61.i% Fibonacci retracement).
A breach above the April high ($87.67) may lead to a test of $88.10 (23.6% Fibonacci extension) but failure to extend the bullish price series may push crude back towards $80.70 (38.2% Fibonacci retracement), with the next area of interest coming in around $78.50 (50% Fibonacci retracement) to $79.00 (50% Fibonacci retracement).
--- Written by David Song, Strategist at FOREX.com
Crude Oil Price Outlook
The price of oil extends the advance from the previous week to push the Relative Strength Index (RSI) to its highest level since April, with a close above $83.30 (23.6% Fibonacci retracement) raising the scope for a move towards $85.20 (61.i% Fibonacci retracement).
A breach above the April high ($87.67) may lead to a test of $88.10 (23.6% Fibonacci extension) but failure to extend the bullish price series may push crude back towards $80.70 (38.2% Fibonacci retracement), with the next area of interest coming in around $78.50 (50% Fibonacci retracement) to $79.00 (50% Fibonacci retracement).
--- Written by David Song, 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.