Hello everyone,
Oil 4H NEW FORECAST
Oil price trading below 79.60 keeps the bearish corrective scenario active.
Targeting 77.65 as the next target, as it represents the 61.8% Fibonacci level of the previous high.
The effect of the previously completed double top pattern on the price of oil.
Exceeding the 79.60 level and holding above it may stop the downward wave and push the price to attempt to build an upward intraday wave whose targets begin testing the 81.50 areas.
The expected trading range for today is between the support at 78.83 and the resistance at 79.60.
Oil 4H NEW FORECAST
Oil price trading below 79.60 keeps the bearish corrective scenario active.
Targeting 77.65 as the next target, as it represents the 61.8% Fibonacci level of the previous high.
The effect of the previously completed double top pattern on the price of oil.
Exceeding the 79.60 level and holding above it may stop the downward wave and push the price to attempt to build an upward intraday wave whose targets begin testing the 81.50 areas.
The expected trading range for today is between the support at 78.83 and the resistance at 79.60.
