Crude Oil Rises to Push RSI Towards Overbought Territory

The price of oil clears the April high ($83.53) to push the Relative Strength Index (RSI) towards overbought territory.

Crude Oil Outlook

The price of oil clears the opening range for August to register a fresh yearly high ($84.65), and a move above 70 in the RSI is likely to be accompanied by a further rise in crude like the price action from last month.

A break/close above $87.30 (78.6% Fibonacci retracement) may push the price of oil towards the $93.50 (38.2% Fibonacci retracement) region, which largely lines up with the November 2022 high ($93.74), but the RSI may show the bullish momentum if it fails to push above 70.

A move below the $82.10 (50% Fibonacci retracement) to $82.60 (23.6% Fibonacci extension) region may push the price of oil towards $78.70 (50% Fibonacci retracement), with a breach of the monthly low ($78.69) opening up the $75.10 (38.2% Fibonacci retracement) to $75.60 (38.2% Fibonacci extension) area.