Oil price is under pressure again. Price has broken out and below the bullish channel it was and is now trading around $84-$83. Short-term trend is clearly bearish and the entire upward move from $67 is complete. We are now correcting this upward wave. We warned traders on time for this coming pull back and we now look to find price levels of support. At $81-$80.80 we find the 50% Fibonacci retracement of the upward wave. Price has so far broken below the 38% Fibonacci level confirming that bears are in control of the near term trend. The RSI is far from oversold levels in the Daily chart. Our view remains bearish in Oil.
The material has been provided by InstaForex Company – www.instaforex.com
Red lines- bullish channel
Blue line- bearish RSI divergence
Oil price is under pressure again. Price has broken out and below the bullish channel it was and is now trading around $84-$83. Short-term trend is clearly bearish and the entire upward move from $67 is complete. We are now correcting this upward wave. We warned traders on time for this coming pull back and we now look to find price levels of support. At $81-$80.80 we find the 50% Fibonacci retracement of the upward wave. Price has so far broken below the 38% Fibonacci level confirming that bears are in control of the near term trend. The RSI is far from oversold levels in the Daily chart. Our view remains bearish in Oil.
The material has been provided by InstaForex Company – www.instaforex.com
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