The price of Crude Oil, on the Daily chart, has been in an upward path from the end of December. On the 22nd of February a higher top was registered at 67.838 and sellers tried to overcome buying pressure. The bears temporarily managed push prices downward and the 15 Simple Moving Average was broken but the bulls countered and the price could not break through the 34 Simple Moving Average as well. The market bounced on the 34 Simple Moving Average with demand overwhelming supply and a Hammer Candle formed with a low recorded at 63.910. This indicates a possible continuation of the bullish drive and is supported further by the fact that the Momentum Oscillator bounced on the 100-baseline but could not break through.
If the Crude Oil price breaks through the top at 67.838, then fresh upward momentum might push the market further and three possible price targets may be estimated from there. Attaching the Fibonacci tool to the top of the possible continuation at 67.838 and dragging it to the bottom of the Hammer Candle at 63.910, the following targets may be calculated. The first target can be anticipated at 70.265 (161.%) and the second price target can be projected at 74.193 (261.8%). The third and final target may be expected at 80.549 (423.6%).
As long as buyers maintain a positive sentiment and demand overcomes supply, the outlook for the Crude Oil market will remain bullish.
If the Crude Oil price breaks through the top at 67.838, then fresh upward momentum might push the market further and three possible price targets may be estimated from there. Attaching the Fibonacci tool to the top of the possible continuation at 67.838 and dragging it to the bottom of the Hammer Candle at 63.910, the following targets may be calculated. The first target can be anticipated at 70.265 (161.%) and the second price target can be projected at 74.193 (261.8%). The third and final target may be expected at 80.549 (423.6%).
As long as buyers maintain a positive sentiment and demand overcomes supply, the outlook for the Crude Oil market will remain bullish.