Oil on the Daily chart bounced at a major flip zone around the 52.00 zone, from here, we hit the 60.00 zone, a big resistance/flip zone.
We rejected this zone and even broke below the previous swing, a higher low around the 56.20 zone. This means we are likely continue the down trend, which is defined my multiple swings.
Price bounced and rejected the 38.2 fibonacci zone. One could enter here as the red candle is an engulfing candle. It shows the strength of the bears, and could be our first lower high in this new down trend.
The more conservative approach would to see the recent lows taken out at 54.77 which confirms the lower high at the 38.2 fibonacci (because now we have a lower low).
Targets are indicated by the fibs. 53.30 zone and then the 51.00 zone.
We are likely heading or are already in a recession meaning oil will go lower in the longer term. Geopolitics is what can keep Oil propped.
We rejected this zone and even broke below the previous swing, a higher low around the 56.20 zone. This means we are likely continue the down trend, which is defined my multiple swings.
Price bounced and rejected the 38.2 fibonacci zone. One could enter here as the red candle is an engulfing candle. It shows the strength of the bears, and could be our first lower high in this new down trend.
The more conservative approach would to see the recent lows taken out at 54.77 which confirms the lower high at the 38.2 fibonacci (because now we have a lower low).
Targets are indicated by the fibs. 53.30 zone and then the 51.00 zone.
We are likely heading or are already in a recession meaning oil will go lower in the longer term. Geopolitics is what can keep Oil propped.