Oil has been in a freefall for a couple of weeks. I expect retracement back to 70 as we are already in a technical discount zone and overdue for at least a two-day retracement that followed similar drops in the recent past.
I used the last retracement as a reference. And equal strength retracement would take us to nearly 70 with wick narrowly hitting 70.
A downside move was bigger and Oil has a tendency to reverse via a V-shape, so the potential to get higher than that is significant.
I used the last retracement as a reference. And equal strength retracement would take us to nearly 70 with wick narrowly hitting 70.
A downside move was bigger and Oil has a tendency to reverse via a V-shape, so the potential to get higher than that is significant.