If Price Breaches $67.50 Mark, It will Shoot Even Higher
The price of crude oil moved higher during the Asian session on Tuesday. Having strengthened in the past two sessions, oil continued rising today. As of writing, West Texas Intermediate is trading at $67.48 per barrel. Its price is 1.06% up so far on the day.
The daily chart shows that WTI is floating over the session’s top at $67.59. Investors expect that its price will go beyond this mark. If this happens, if the price indeed spills over the $67.59 level, then it could be reaching fresh yearly highs at $69.50 horizontal resistance level. There is indeed strong potential for more gains for oil prices, as the MACD on the daily chart indicates.
Oil gains an opportunity to reconquer the levels last visited in 2018. Its first goal is $72.85, which is the top reached in May 2018. The second target is the $73.66 mark, the June 2018 high.
On the flip side, if oil price goes down, there will be first the $66.50 horizontal support area to attack. If this is the case, the price will first halt around the 23.6% Fibonacci retracement at $65.20, the extension of the lows of $57.27.
There will be the selling pressure at $63.58, the low hit on May 24.
Crude oil was trading at $66.78. It was last seen trading at $67.49. The price change is 1.06% on the day.
