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Oil Gathers Bearish Momentum

Published 12/02/2021, 02:43 AM
Updated 03/28/2023, 03:20 AM

Type: Bearish reversal

Key Levels: Resistance: 69.834, pivot: 68.48, and support: 64.678

Preferred Case: Oil WTI prices are consolidating in a parallel channel. We see the potential for a dip from our pivot at 68.48 in 38.2% and 23.6% Fibonacci retracement towards our 1st support at 64.678 which is an area of Fibonacci confluences.

Alternative Scenario: Alternatively, prices may climb towards our 1st resistance at 69.834 in line with 61.8% and 38.2% Fibonacci retracement.

Oil 4-hour price chart.

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