Oil Price Vulnerable as RSI Sell Signal Materializes
The price of oil consolidates after registering a fresh yearly high ($92.43) last week, but the move below 70 in the Relative Strength Index (RSI) may accompany a near-term pullback in crude to mirror the price action from earlier this year.
Crude Oil Outlook
The price of oil is little changed from the start of the week as it bounces back from a fresh weekly low ($88.19), and crude may stage further attempts to test the November 2022 high ($93.74) high as it seems to be tracking the positive slope in the 50-Day SMA ($83.29).
However, the price of oil may fall towards the $86.60 (38.2% Fibonacci retracement) to $87.30 (78.6% Fibonacci retracement) region as the RSI continues to hold below overbought territory, with a breach below the moving average bringing the $82.10 (50% Fibonacci retracement) to $82.60 (23.6% Fibonacci retracement) area back on the radar.
Crude Oil Outlook
The price of oil is little changed from the start of the week as it bounces back from a fresh weekly low ($88.19), and crude may stage further attempts to test the November 2022 high ($93.74) high as it seems to be tracking the positive slope in the 50-Day SMA ($83.29).
However, the price of oil may fall towards the $86.60 (38.2% Fibonacci retracement) to $87.30 (78.6% Fibonacci retracement) region as the RSI continues to hold below overbought territory, with a breach below the moving average bringing the $82.10 (50% Fibonacci retracement) to $82.60 (23.6% Fibonacci retracement) area back on the radar.
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