CL New York Oil Futures – Oil prices show initial signs of technical correction

As can be seen from the technical chart, the RSI and stochastic index are already in the overbought area, and the oil price has reached near the $70. The highs on Wednesday and Thursday last week were $70.22 and $69.97 respectively, and the high on Friday was $70.09. This may indicate that the recent upward momentum of oil prices has begun to weaken. Support is expected to be at the 25-day moving average of $68.10 and $66.80, with the key level at $65. As for further upward movement, in addition to the $70, the extended target is expected to be the 100-day moving average of $70.70, and then refer to $71.30 and the high of $73.25 on February 20.

Forecast range:
Resistance 70.00* - 70.70 – 71.30 – 73.25
Support 68.10 – 66.80 – 65.00*

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