|
Getting your Trinity Audio player ready...
|
Technical analysis for Crude oil, the price reached the first target of the pullback on the monthly chart, the 0.618 FIB retracement at 88.00$. If the price of US oil breaks below the ascending trend line and below 88.00$, that will open the door for further declines toward the 1.272 FIB extension on the daily chart at 85.80$. The third target in case of such a bearish development is the 0.786 FIB retracement on the monthly chart at 77.00$, which is within a strong support zone, and at 1.618 FIB extension on the daily chart.
On the other hand, if the price of crude oil breaks above the daily high at 101.86$, that will signal the end of the pullback and perhaps the beginning of consolidation.
Weekly chart:
Monthly chart:
