Because of the Russia-Ukraine conflict, Oil prices soared and managed to retest previous highs; but since then, the war is now priced in and Oil is now experiencing a solid correction. Looking at Oil from a technical perspective, the price is trading inside a descending channel (downtrend). It is currently retesting the upper trendline with a bearish continuation pattern which indicates the possibility of further downward pressure on Oil prices.
Our first target for this trade will be the beginning of the triangular pattern at 93.13. Breaking below this level will push the price towards 88.36 and possibly 82.01 in extension (retesting the lower trendline). Goodluck!
M.Y.
Our first target for this trade will be the beginning of the triangular pattern at 93.13. Breaking below this level will push the price towards 88.36 and possibly 82.01 in extension (retesting the lower trendline). Goodluck!
M.Y.