Oil Market iz beginning to look a lot like Christmas
Buyers look towards September month high, sellers await the break of short-term support line for fresh entry.
Overbought RSI conditions favor the Bears’ entry.
While September month top, near $63.15, seems to be on the Bulls’ radar, May 20 low near $62.60 can act as an intermediate halt during the black gold’s further rise.
However, overbought conditions of 14-bar Relative Strength Index (RSI) raise hopes of a pullback towards adjacent support trend line stretched from December 03, at $60.60 now.
Should prices slip below $60.60, a fresh decline towards 23.6% Fibonacci retracement of the monthly run-up, at $59.70, can be expected.
In a case where energy sellers keep dominating after $59.70, 38.2% Fibonacci retracement and November 22 high close to $58.80/75 will be on their watch-list.
Overbought RSI conditions favor the Bears’ entry.
While September month top, near $63.15, seems to be on the Bulls’ radar, May 20 low near $62.60 can act as an intermediate halt during the black gold’s further rise.
However, overbought conditions of 14-bar Relative Strength Index (RSI) raise hopes of a pullback towards adjacent support trend line stretched from December 03, at $60.60 now.
Should prices slip below $60.60, a fresh decline towards 23.6% Fibonacci retracement of the monthly run-up, at $59.70, can be expected.
In a case where energy sellers keep dominating after $59.70, 38.2% Fibonacci retracement and November 22 high close to $58.80/75 will be on their watch-list.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.