Oil price is trading around $79. Today has been a volatile day as price fell towards $77.60 only to form a double bottom and return to the $79 price level. In the near term Oil price is oversold and a bounce towards $81.40 is justified. We do not forget that price broke out of a bullish channel and is now in a corrective phase. Oil price justifies a bounce higher towards the blue downward sloping resistance trend line. Our target of $76.50 remains our priority.
The material has been provided by InstaForex Company – www.instaforex.com
Red lines- bullish channel
Blue line- resistance trend line
Green lines- Fibonacci extension targets
Oil price is trading around $79. Today has been a volatile day as price fell towards $77.60 only to form a double bottom and return to the $79 price level. In the near term Oil price is oversold and a bounce towards $81.40 is justified. We do not forget that price broke out of a bullish channel and is now in a corrective phase. Oil price justifies a bounce higher towards the blue downward sloping resistance trend line. Our target of $76.50 remains our priority.
The material has been provided by InstaForex Company – www.instaforex.com
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