Oil Market iz beginning to look a lot like Christmas
Buyers look towards September month high, sellers await the break of short-term support line for fresh entry.
Overbought RSI conditions favor the Bears’ entry.
While September month top, near $63.15, seems to be on the Bulls’ radar, May 20 low near $62.60 can act as an intermediate halt during the black gold’s further rise.
However, overbought conditions of 14-bar Relative Strength Index (RSI) raise hopes of a pullback towards adjacent support trend line stretched from December 03, at $60.60 now.
Should prices slip below $60.60, a fresh decline towards 23.6% Fibonacci retracement of the monthly run-up, at $59.70, can be expected.
In a case where energy sellers keep dominating after $59.70, 38.2% Fibonacci retracement and November 22 high close to $58.80/75 will be on their watch-list.
Overbought RSI conditions favor the Bears’ entry.
While September month top, near $63.15, seems to be on the Bulls’ radar, May 20 low near $62.60 can act as an intermediate halt during the black gold’s further rise.
However, overbought conditions of 14-bar Relative Strength Index (RSI) raise hopes of a pullback towards adjacent support trend line stretched from December 03, at $60.60 now.
Should prices slip below $60.60, a fresh decline towards 23.6% Fibonacci retracement of the monthly run-up, at $59.70, can be expected.
In a case where energy sellers keep dominating after $59.70, 38.2% Fibonacci retracement and November 22 high close to $58.80/75 will be on their watch-list.