Oil Price Pullback to Face Positive Slope in 50-Day SMA
The price of oil carves a series of lower highs and lows as it continues to pullback from the yearly high (95.03), but crude may attempt to track the positive slope in the 50-Day SMA ($84.74) as it holds above the moving average.
Crude Oil Outlook
The price of oil appears to have reversed ahead of the August 2022 high ($98.65) as it slips to a fresh weekly low ($87.76), with a break/close below the $86.60 (38.2% Fibonacci retracement) to $87.30 (78.6% Fibonacci retracement) region raising the scope for a test of the moving average.
Next area of interest comes in around $82.10 (50% Fibonacci retracement) to $82.60 (23.6% Fibonacci retracement), but crude may track the positive slope in the moving average if it continues to hold above the $86.60 (38.2% Fibonacci retracement) to $87.30 (78.6% Fibonacci retracement) region.
Need a move above the $93.50 (38.2% Fibonacci retracement) to $93.70 (50% Fibonacci retracement) zone to bring the yearly high ($95.03) on the radar, with the next area of interest coming in around $100.70 (61.8% Fibonacci retracement).
Crude Oil Outlook
The price of oil appears to have reversed ahead of the August 2022 high ($98.65) as it slips to a fresh weekly low ($87.76), with a break/close below the $86.60 (38.2% Fibonacci retracement) to $87.30 (78.6% Fibonacci retracement) region raising the scope for a test of the moving average.
Next area of interest comes in around $82.10 (50% Fibonacci retracement) to $82.60 (23.6% Fibonacci retracement), but crude may track the positive slope in the moving average if it continues to hold above the $86.60 (38.2% Fibonacci retracement) to $87.30 (78.6% Fibonacci retracement) region.
Need a move above the $93.50 (38.2% Fibonacci retracement) to $93.70 (50% Fibonacci retracement) zone to bring the yearly high ($95.03) on the radar, with the next area of interest coming in around $100.70 (61.8% Fibonacci retracement).