Oil Price Eyes Test of Monthly Low
The price of oil may attempt to test the monthly low ($71.67) as it extends the decline from the previous week.
Crude Oil Price Outlook
Failure to hold above the $72.90 (78.6% Fibonacci retracement) to $73.20 (78.6% Fibonacci retracement) region raises the scope for a move towards $71.50 (38.2% Fibonacci extension) with a breach below the January low ($69.28) opening up the December low ($67.71).
At the same time, crude may trade within in yearly range should it defend the February low ($71.41) with a move back above $76.30 (61.8% Fibonacci retracement) bringing the $78.50 (50% Fibonacci retracement) to $79.00 (50% Fibonacci retracement) area on the radar.
--- Written by David Song, Strategist at FOREX.com
Crude Oil Price Outlook
Failure to hold above the $72.90 (78.6% Fibonacci retracement) to $73.20 (78.6% Fibonacci retracement) region raises the scope for a move towards $71.50 (38.2% Fibonacci extension) with a breach below the January low ($69.28) opening up the December low ($67.71).
At the same time, crude may trade within in yearly range should it defend the February low ($71.41) with a move back above $76.30 (61.8% Fibonacci retracement) bringing the $78.50 (50% Fibonacci retracement) to $79.00 (50% Fibonacci retracement) area on the radar.
--- Written by David Song, Strategist at FOREX.com
免責聲明
這些資訊和出版物並不意味著也不構成TradingView提供或認可的金融、投資、交易或其他類型的意見或建議。請在使用條款閱讀更多資訊。