Oil Price Pushes Above Opening Range for August
The price of oil stages a four-day rally after defending the February low ($71.41) to register a fresh monthly high ($80.16).
Crude Oil Price Outlook
Keep in mind, the rebound from the monthly low ($71.67) kept the Relative Strength Index (RSI) out of oversold territory, with $80.70 (38.2% Fibonacci retracement) on the radar as crude pushes above the opening range for August.
A break/close above $83.30 (23.6% Fibonacci retracement) opens up the July high ($84.52) but the price of oil may face range bound conditions amid the flattening slope in the 50-Day SMA ($78.88).
Lack of momentum to hold above the $78.50 (50% Fibonacci retracement) to $79.00 (50% Fibonacci retracement) region may push the price of oil back towards $76.30 (61.8% Fibonacci retracement), with the next area of interest coming in around $72.90 (78.6% Fibonacci retracement) to $73.20 (78.6% Fibonacci retracement).
--- Written by David Song, Strategist at FOREX.com
Crude Oil Price Outlook
Keep in mind, the rebound from the monthly low ($71.67) kept the Relative Strength Index (RSI) out of oversold territory, with $80.70 (38.2% Fibonacci retracement) on the radar as crude pushes above the opening range for August.
A break/close above $83.30 (23.6% Fibonacci retracement) opens up the July high ($84.52) but the price of oil may face range bound conditions amid the flattening slope in the 50-Day SMA ($78.88).
Lack of momentum to hold above the $78.50 (50% Fibonacci retracement) to $79.00 (50% Fibonacci retracement) region may push the price of oil back towards $76.30 (61.8% Fibonacci retracement), with the next area of interest coming in around $72.90 (78.6% Fibonacci retracement) to $73.20 (78.6% Fibonacci retracement).
--- Written by David Song, Strategist at FOREX.com
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.