OIL : A BULLISH POTENTIAL FOR THE BLACK GOLD?
- The market has been trading inside a bearish wedge since the end of September 2023, registering lower highs and lows. The medium-term trend is therefore bearish.
- In the shorter term, prices have registered a sharp rebound since their impact on their annual low around $68. This rebound led the market the upper limit of its wedge, below the 23.6% Fibonacci, above the two exponential moving averages at 21 and 34 periods.
The RSI indicator has shown a clearing of its bearish trendline, a phenomenon that generally occurs in ahead of the market.
- Although still in a downward trend, technical indicators tend to show that the buying appetite for black gold is only just beginning. A clearing of $74.15 (23.6% Fibonacci) would therefore open the way to a resumption of the bullish trend towards $78.00, $81.00 and even higher by extension.
In the very short term, a pull-back towards the last support above $72.17 also remains a possibility. If this level does not hold, the entire bullish scenario previously mentioned could well be invalidated.
- In the shorter term, prices have registered a sharp rebound since their impact on their annual low around $68. This rebound led the market the upper limit of its wedge, below the 23.6% Fibonacci, above the two exponential moving averages at 21 and 34 periods.
The RSI indicator has shown a clearing of its bearish trendline, a phenomenon that generally occurs in ahead of the market.
- Although still in a downward trend, technical indicators tend to show that the buying appetite for black gold is only just beginning. A clearing of $74.15 (23.6% Fibonacci) would therefore open the way to a resumption of the bullish trend towards $78.00, $81.00 and even higher by extension.
In the very short term, a pull-back towards the last support above $72.17 also remains a possibility. If this level does not hold, the entire bullish scenario previously mentioned could well be invalidated.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.