Crude Oil Outlook Mired by Negative Slope in 50-Day SMA
The price of oil appears to be defending the monthly low ($66.80) as it extends the rebound from the weekly low ($67.05), but failure to push above the 50-Day SMA ($71.95) may undermine the recent rebound in crude as the moving average reflects a negative slope.
Crude Oil Outlook
The price of oil may track the June range as it attempts to push above the $70.00 (50% Fibonacci extension) to $70.60 (61.8% Fibonacci retracement) region, with a push above the moving average raising the scope for a run at the June high ($75.06).
Next area of interest comes in around $75.60 (38.2% Fibonacci extension), but crude may track the negative slope in the moving average if it struggles to break/close above the $70.00 (50% Fibonacci extension) to $70.60 (61.8% Fibonacci retracement) region.
Failure to defend the monthly low ($66.80) may push crude towards $64.40 (61.8% Fibonacci extension), with a move below the yearly low ($63.64) opening up the $54.40 (78.6% Fibonacci retracement) to $56.50 (78.6% Fibonacci extension) area.
--- Written by David Song, Strategist
Crude Oil Outlook
The price of oil may track the June range as it attempts to push above the $70.00 (50% Fibonacci extension) to $70.60 (61.8% Fibonacci retracement) region, with a push above the moving average raising the scope for a run at the June high ($75.06).
Next area of interest comes in around $75.60 (38.2% Fibonacci extension), but crude may track the negative slope in the moving average if it struggles to break/close above the $70.00 (50% Fibonacci extension) to $70.60 (61.8% Fibonacci retracement) region.
Failure to defend the monthly low ($66.80) may push crude towards $64.40 (61.8% Fibonacci extension), with a move below the yearly low ($63.64) opening up the $54.40 (78.6% Fibonacci retracement) to $56.50 (78.6% Fibonacci extension) area.
--- Written by David Song, Strategist
Thông báo miễn trừ trách nhiệm
Thông tin và ấn phẩm không có nghĩa là và không cấu thành, tài chính, đầu tư, kinh doanh, hoặc các loại lời khuyên hoặc khuyến nghị khác được cung cấp hoặc xác nhận bởi TradingView. Đọc thêm trong Điều khoản sử dụng.