Oil prices have climbed by over $3 per barrel since last week, driven by renewed buyer interest following a period of oversold conditions. This rally reflects a growing confidence among market participants as the asset regains upward momentum. Adding to the bullish sentiment is the imminent formation of a Golden Cross—a widely recognized technical buy signal—where the 20-day moving average is on the verge of crossing above the 60-day moving average. This pattern suggests that there could be significant additional upside potential for crude oil in the near term.
However, before this upward trajectory solidifies, the market may experience a short-term correction. A potential retracement could see prices testing the $68.20 level, which aligns with the 50% Fibonacci retracement of the recent move. This level is a key area of technical support and could offer a strategic entry point for buyers. By waiting for a dip to this level, traders could achieve a more favorable risk-to-reward ratio, positioning themselves for gains as the market resumes its ascent.
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