Crude oil prices continue their upward trend

Crude oil prices continue their upward trend

Crude Oil Price Analysis

Crude oil prices continue their upward trend, recently breaking above the previous high of 6,950 This bullish momentum is supported by the RSI indicator, which is approaching overbought territory. The key resistance levels to watch are 7,050 and 7,150, which represent the 61.8% and 76.8% retracement levels respectively.

Trading Strategy

If prices hold above yesterday’s low of 6,980, a “buy on dips” strategy could be employed. This means buying when prices dip slightly, with potential targets of 7,150 or even 7,200. However, a reversal below 6,980 could signal a bearish turn.

Overall Bias

The short-term bias for crude oil remains positive based on the recent price action and technical indicators. However, it’s important to be aware of potential resistance levels and changing market conditions.

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice.

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