Oil is currently trading between the 0.382 and 0.618 fib levels which indicates a chance of a reversal back lower.
Scenario A: Oil continues with it's run, as the 20 Day HMA has crossed above the 50 Day HMA which shows bullish momentum. With this momentum, we could see the market rise towards the $63.83 level. Price is also trading above it's mean in the regression channel tool. If this price is reached and continues further then we have an indication that the buyers are in full control and expect further resistance around the $64.33 level.
Scenario B: We see oil's retracement levels kick in between the 0.382 and 0.618. If the market turns and trades lower than the 0.382 level ($55.59) then this signals a retracement targetting back to the 2018 year lows of $42.34. We have near term support at $50.44 should price pierce the 0.382 level.
This analysis is for informational purposes only and is not a recommendation, buy/sell signal, or advice in any format.
Scenario A: Oil continues with it's run, as the 20 Day HMA has crossed above the 50 Day HMA which shows bullish momentum. With this momentum, we could see the market rise towards the $63.83 level. Price is also trading above it's mean in the regression channel tool. If this price is reached and continues further then we have an indication that the buyers are in full control and expect further resistance around the $64.33 level.
Scenario B: We see oil's retracement levels kick in between the 0.382 and 0.618. If the market turns and trades lower than the 0.382 level ($55.59) then this signals a retracement targetting back to the 2018 year lows of $42.34. We have near term support at $50.44 should price pierce the 0.382 level.
This analysis is for informational purposes only and is not a recommendation, buy/sell signal, or advice in any format.