Oil fell last week on banking fears, however this week the market has recovered some of the losses and looks to continue its retracement.

Oil continues to push higher after a fall lower last week. Using the Fibonacci retracement, support for oil sits at $73.97, followed by $72.74. Towards the upside, resistance sits at $76.39. A break above here could see oil recover back to $78.30 and then $80. RSI currently reads 58 with MACD positive, suggesting further upside for the time being. A pullback in oil prices could provide a good possible opportunity to enter a long position, however, risks weigh to the downside as markets continue to feel the pressure of a restrained banking sector. China has eased COVID restrictions so the demand side seems to be strong from the eastern/Asian countries, therefore propping the price higher right now.