Oil Prices Find Support at SMA, Eyeing Upward Move

Crude oil prices found support at their Simple Moving Average (SMA), limiting selling pressure and allowing for a potential higher low formation that could pave the way for an upward move.

The price of crude oil has been correcting its losses, with the SMA50 acting as a key level of support. This suggests that the short-term uptrend remains intact, and the prospect of resuming gains remains valid if prices hold above this support level.

A positive crossover is emerging on relative strength indicators (RSI), indicating a potential divergence that could support a return to buying momentum. The RSI had reached extremely oversold levels, which further supports the idea that a higher low formation may be imminent.