WTI OIL could see further downside despite the current USD fall. Price is currently sitting below the $50.00, resistance and if price re-traces back to this area and prints bearish price action we can look for further short opportunities.
Looking at the fibonacci retracement tool we can see the 38.2 highlights a zone in line with the resistance where price could continue to fall from. Seasonally OIL is short and typically bottoms out through the middle of January.
Looking at the fibonacci retracement tool we can see the 38.2 highlights a zone in line with the resistance where price could continue to fall from. Seasonally OIL is short and typically bottoms out through the middle of January.