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As experts in the Stock Market and trading, we are excited to share with you some valuable insights into the recent signs of strength in the price behavior of crude oil.
Recent indicators show that both the 20-Day and 50-Day moving averages have been reclaimed, with crude oil consistently closing above these lines for the past few days. This is a positive sign of strength in the market. Additionally, the convergence of these two lines at a breakout point can indicate a significant pivot level, providing valuable insight for traders.
While Wednesday’s low of 70.15 serves as near-term support, a break below this level may signal weakness and potentially lead to a move lower. Keeping an eye on last Friday’s low at 69.87, which coincides with the intersection of the two trendlines, can also provide important information for trading decisions.
A decisive breakout above today’s high could lead to a rise to higher price levels. If sustained, the next target could be the 61.8% Fibonacci retracement point, followed by a price zone ranging from 76.58 to 76.72. This zone represents the 78.6% retracement level and a previous interim swing high, making it a key area to watch for potential price movements.
For more insights and analysis on today’s economic events, be sure to check out our economic calendar for a comprehensive view of market activity.
Stay tuned to Extreme Investor Network for more expert analysis and tips on navigating the Stock Market and trading successfully!