Will Crude Oil Price Track the 50-Day SMA?
The price of oil trades above the 50-Day SMA ($71.36) as it extends the series of higher highs and lows from last week.
Crude Oil Outlook
The price of oil may attempt to retrace the decline from the June high ($75.06) as it registers a fresh weekly high ($72.34), with a break/close above $75.60 (38.2% Fibonacci extension) bringing the May high ($76.69) on the radar.
However, the price of oil may track the negative slope in the moving average if it struggles to test the June high ($75.06), and failure to hold above the $70.00 (50% Fibonacci extension) to $70.60 (61.8% Fibonacci retracement) region may push crude towards the $64.40 (61.8% Fibonacci extension).
Crude Oil Outlook
The price of oil may attempt to retrace the decline from the June high ($75.06) as it registers a fresh weekly high ($72.34), with a break/close above $75.60 (38.2% Fibonacci extension) bringing the May high ($76.69) on the radar.
However, the price of oil may track the negative slope in the moving average if it struggles to test the June high ($75.06), and failure to hold above the $70.00 (50% Fibonacci extension) to $70.60 (61.8% Fibonacci retracement) region may push crude towards the $64.40 (61.8% Fibonacci extension).
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