Oil Price Stages Five-Day Rally for First Time Since October
The price of oil trades near the weekly high ($73.73) as it stages a five-day rally for the first time since October.
Crude Oil Price Outlook
Keep in mind, the price of oil cleared the November high ($72.39) as it carved a series of higher highs and lows, with a break/close above the $73.00 (61.8% Fibonacci retracement) to $74.00 (50% Fibonacci retracement) zone opening up $76.80 (23.6% Fibonacci retracement).
Next area of interest comes in around the October high ($77.38) and a further advance in the price of oil may push the Relative Strength Index (RSI) into overbought territory for the first time since April 2024.
However, the RSI may hold below 70 as crude struggles to extend the bullish price series, and lack of momentum to break/close above the $73.00 (61.8% Fibonacci retracement) to $74.00 (50% Fibonacci retracement) zone may push the price of oil back towards $71.70 (61.8% Fibonacci retracement).
--- Written by David Song, Senior Strategist at FOREX.com
Crude Oil Price Outlook
Keep in mind, the price of oil cleared the November high ($72.39) as it carved a series of higher highs and lows, with a break/close above the $73.00 (61.8% Fibonacci retracement) to $74.00 (50% Fibonacci retracement) zone opening up $76.80 (23.6% Fibonacci retracement).
Next area of interest comes in around the October high ($77.38) and a further advance in the price of oil may push the Relative Strength Index (RSI) into overbought territory for the first time since April 2024.
However, the RSI may hold below 70 as crude struggles to extend the bullish price series, and lack of momentum to break/close above the $73.00 (61.8% Fibonacci retracement) to $74.00 (50% Fibonacci retracement) zone may push the price of oil back towards $71.70 (61.8% Fibonacci retracement).
--- Written by David Song, Senior Strategist at FOREX.com
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