Crude Oil Technical Analysis
Oil is trading bullishly above the 100-period simple moving average (SMA) and created a Fair Value Gap (FVG) on October 31. Technical indicators suggest that while the primary trend is bullish, oil is overpriced in the short term.
From a technical perspective, crude oil has the potential to fill the gap around $70.00 before the uptrend resumes. The FVG area provides a solid entry point for bullish positions.
The trend outlook remains bullish as long as the $69.70 support holds. That said, the next bullish target will likely be the $72.25 resistance level.
From a technical perspective, crude oil has the potential to fill the gap around $70.00 before the uptrend resumes. The FVG area provides a solid entry point for bullish positions.
The trend outlook remains bullish as long as the $69.70 support holds. That said, the next bullish target will likely be the $72.25 resistance level.
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