U.S. Oil Eyes $87 High as Bullish Trends Hold
Solid ECN Blog – Yesterday, U.S. Crude oil prices formed a bullish long-wick candlestick pattern, as depicted in the daily chart above. This development occurred near the 50% Fibonacci retracement level, coinciding with the 50-day Exponential Moving Average (EMA 50).
The Relative Strength Index (RSI) is poised to rise above 50, signaling a potential uptrend continuation.
From a technical perspective, U.S. Oil remains in an uptrend, supported by the EMA 50. As long as this level holds, the outlook remains bullish, with the next target potentially being the March high of $87.0.
Conversely, should prices fall below the EMA 50, the bullish scenario would be invalidated, potentially leading to a decline toward the lower flag band at the $78 threshold.