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Technical analysis for US Oil, the price formed a double top on the weekly chart, signaling a pullback. The first target for this pullback is the 0.382 FIB retracement on the daily chart at 79.50, which is the 1.272 FIB extension for the bearish run on the four-hour chart. The second target of the pullback is the 0.382 FIB retracement on the weekly chart at 78.10-00, which is the 1.618 FIB extension on the four-hour chart. The third target for the pullback in the US Oil is the 0.618 FIB retracement on the daily chart at 74.40.
Looking at the bigger picture, the price of US Oil reached the second target of the third bullish wave on the weekly chart, the 1.618 FIB extension at 87.75. If the price break above the previous weekly high at 87.90, that will open the door for a bullish run toward the 0.618 FIB retracement on the monthly chart at 90.50-91.00. It is too early to talk about a bullish run toward the high at 107.64, where we have the 2.272 FIB extension on the weekly chart. However, considering the current geopolitical tensions, that is not out of the possibility.
Daily chart:
Weekly chart:
Monthly chart:
