The recent rally in oil appears to have stalled as it struggles to extend the bullish price series from earlier this week, with the Relative Strength Index (RSI) pulling back ahead of overbought territory.
Lack of momentum to hold above the $67.60 (61.8% Fibonacci retracement) to $69.10 (38.2% Fibonacci retracement) zone may push the price of oil toward $65.30 (38.2% Fibonacci retracement), with a breach of the monthly low ($63.36) bringing $61.50 (61.8% Fibonacci retracement) on the radar.
At the same time, the price of oil may defend the advance from earlier this week should it hold above the $67.60 (61.8% Fibonacci retracement) to $69.10 (38.2% Fibonacci retracement) zone, with a move/close above the $73.90 (23.6% Fibonacci retracement) to $74.50 (50% Fibonacci retracement) region bringing the June high ($77.09) on the radar.
--- Written by David Song, Senior Strategist at FOREX.com
Lack of momentum to hold above the $67.60 (61.8% Fibonacci retracement) to $69.10 (38.2% Fibonacci retracement) zone may push the price of oil toward $65.30 (38.2% Fibonacci retracement), with a breach of the monthly low ($63.36) bringing $61.50 (61.8% Fibonacci retracement) on the radar.
At the same time, the price of oil may defend the advance from earlier this week should it hold above the $67.60 (61.8% Fibonacci retracement) to $69.10 (38.2% Fibonacci retracement) zone, with a move/close above the $73.90 (23.6% Fibonacci retracement) to $74.50 (50% Fibonacci retracement) region bringing the June high ($77.09) on the radar.
--- Written by David Song, Senior Strategist at FOREX.com
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Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.