Over the past month, oil prices have surged by $8, marking an impressive 15% return in less than 20 business days. The commodity is clearly in an upward trend, with buyers maintaining strong control. This bullish momentum is further validated by two Golden Cross patterns, a classic buy signal. However, since Friday, a decline in buying volume suggests potential conditions for a correction. Early buyers might be taking profits, increasing supply and potentially triggering a broader pullback.
We anticipate the price may correct to $71.50, a swing high from mid-December, which coincides with the crucial 38.2% Fibonacci retracement level. If this support holds, the broader uptrend could resume. Buyers looking for a better risk-to-reward ratio might wait for this correction before entering the market.
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