The recent rally in the price of oil seems to be stalling as it struggles to extend the series of higher highs and lows carried over from last week.
In turn, crude may give back the advance from the weekly low ($61.02), with a break/close below the $59.20 (78.6% Fibonacci retracement) to $60.90 (78.6% Fibonacci retracement) zone bringing the monthly low ($55.30) on the radar.
Next area of interest comes in around the April low ($54.46), but a move above $64.70 (61.8% Fibonacci retracement) may push the price of oil towards the April high ($71.62).
--- Written by David Song, Senior Strategist at FOREX.com
In turn, crude may give back the advance from the weekly low ($61.02), with a break/close below the $59.20 (78.6% Fibonacci retracement) to $60.90 (78.6% Fibonacci retracement) zone bringing the monthly low ($55.30) on the radar.
Next area of interest comes in around the April low ($54.46), but a move above $64.70 (61.8% Fibonacci retracement) may push the price of oil towards the April high ($71.62).
--- Written by David Song, Senior Strategist at FOREX.com
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