Crude Oil Price Reverses Ahead of 50-Day SMA to Eye Monthly High
The price of oil seems to be tracking the positive slope in the 50-Day SMA ($77.50) as it reverses ahead of the moving average.
Crude Oil Outlook
The price of oil may extend the three-day rally as it carves a series of higher highs and lows, with a breach above the monthly high ($84.89) bringing $87.30 (78.6% Fibonacci retracement) on the radar.
Next area of interest comes in around $93.50 (38.2% Fibonacci retracement), which comes in just below the November 2022 high ($93.74), and the price of oil may exhibit a bullish trend as it seems to be tracking the positive slope in the moving average.
However, failure to test the monthly high ($84.89) may push the price of oil back below the $82.10 (50% Fibonacci retracement) to $82.60 (23.6% Fibonacci extension) area, with the next region of interest coming in around $78.70 (50% Fibonacci retracement).
Crude Oil Outlook
The price of oil may extend the three-day rally as it carves a series of higher highs and lows, with a breach above the monthly high ($84.89) bringing $87.30 (78.6% Fibonacci retracement) on the radar.
Next area of interest comes in around $93.50 (38.2% Fibonacci retracement), which comes in just below the November 2022 high ($93.74), and the price of oil may exhibit a bullish trend as it seems to be tracking the positive slope in the moving average.
However, failure to test the monthly high ($84.89) may push the price of oil back below the $82.10 (50% Fibonacci retracement) to $82.60 (23.6% Fibonacci extension) area, with the next region of interest coming in around $78.70 (50% Fibonacci retracement).
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