Crude Oil Price Rallies to Clear May High
The price of gold clears the May high ($76.69) as it stages a three-day rally, with the advance in crude pushing the Relative Strength Index (RSI) towards overbought territory.
Crude Oil Outlook
The price of oil registers a fresh monthly high ($76.96) as it carves a series higher highs and lows, and a move above 70 in the RSI is likely to be accompanied by a further advance in crude like the price action from 2022.
A break/close above $78.70 (50% Fibonacci retracement) brings the $82.10 (50% Fibonacci retracement) to $82.60 (23.6% Fibonacci extension) region on the radar, with a move above the April high ($83.53) opening up the $87.30 (78.6% Fibonacci retracement) area.
However, the RSI may mirror the behavior from earlier this year if it fails to push above 70, and the price of oil may face a pullback if the oscillator holds below overbought territory.
Lack of momentum to break/close above $78.70 (50% Fibonacci retracement) may push the price of oil back below the $75.10 (38.2% Fibonacci retracement) to $75.60 (38.2% Fibonacci extension) area, with the next region of interest coming in around $70.00 (50% Fibonacci extension) to $70.60 (61.8% Fibonacci retracement).
Crude Oil Outlook
The price of oil registers a fresh monthly high ($76.96) as it carves a series higher highs and lows, and a move above 70 in the RSI is likely to be accompanied by a further advance in crude like the price action from 2022.
A break/close above $78.70 (50% Fibonacci retracement) brings the $82.10 (50% Fibonacci retracement) to $82.60 (23.6% Fibonacci extension) region on the radar, with a move above the April high ($83.53) opening up the $87.30 (78.6% Fibonacci retracement) area.
However, the RSI may mirror the behavior from earlier this year if it fails to push above 70, and the price of oil may face a pullback if the oscillator holds below overbought territory.
Lack of momentum to break/close above $78.70 (50% Fibonacci retracement) may push the price of oil back below the $75.10 (38.2% Fibonacci retracement) to $75.60 (38.2% Fibonacci extension) area, with the next region of interest coming in around $70.00 (50% Fibonacci extension) to $70.60 (61.8% Fibonacci retracement).
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