The price of crude oil rose for the third consecutive day. Today the price rose $1.44 or 1.72% to $85.15. That took the price to the highest level since October 27, 2023.
The high price today reached $85.46. The low price was at $83.85.
Technically, the price is closing above its 61.8% retracement of the move down from the 2023 high. That level comes in at $84.59. It would take a move below that level to give sellers some comfort. Absent that, the buyers are in firm control.
The next topside target off the daily chart, comes in at $85.90, and then there is not a lot of resistance until around $89.85
This article was written by Greg Michalowski at www.forexlive.com. Source