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Crude Oil Price Rebound Keeps RSI Out of Oversold Territory
The price of oil bounces back from a fresh monthly low ($76.25) as it snaps the series of lower highs and lows carried over from last week, and crude may stage a larger rebound over the coming days as long as the Relative Strength Index (RSI) holds above 30. The recent decline in the price of oil appears to have stalled ahead of the January low ($74.27) as it trades within yesterday’s range, with the RSI highlighting a similar dynamic as it moves away from oversold territory. As a result, the price of oil may stage further attempts to test the 50-Day SMA ($89.90) as the bearish momentum abates, but crude may ... (full story)
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- Posted: Sep 27, 2022 6:41pm
- Submitted by:Category: Technical AnalysisComments: 0 / Views: 178
