Oil Price Rebound Eyes Monthly High
The price of oil may attempt to retrace the decline from the monthly high ($91.88) as crude trades back above the 50-Day SMA ($85.17).
Crude Oil Outlook
The price of oil holds steady after gapping higher at the start of the week, but a close above the $85.70 (38.2% Fibonacci extension) to $86.60 (38.2% Fibonacci retracement) region opens up $88.20 (50% Fibonacci extension), with the next area of interest coming in around $90.70 (61.8% Fibonacci extension).
At the same time, failure to close above the $85.70 (38.2% Fibonacci extension) to $86.60 (38.2% Fibonacci retracement) region may push the price of oil back below the moving average, with a breach below the monthly low ($81.50) bringing the $77.80 (23.6% Fibonacci retracement) area on the radar, which sits just above the August low ($77.59).
Crude Oil Outlook
The price of oil holds steady after gapping higher at the start of the week, but a close above the $85.70 (38.2% Fibonacci extension) to $86.60 (38.2% Fibonacci retracement) region opens up $88.20 (50% Fibonacci extension), with the next area of interest coming in around $90.70 (61.8% Fibonacci extension).
At the same time, failure to close above the $85.70 (38.2% Fibonacci extension) to $86.60 (38.2% Fibonacci retracement) region may push the price of oil back below the moving average, with a breach below the monthly low ($81.50) bringing the $77.80 (23.6% Fibonacci retracement) area on the radar, which sits just above the August low ($77.59).
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.