At the beginning of November, oil prices formed a new higher low in the $82.00-$85.00 zone. Now we need to form a new higher high in the $97.50-$100.00 zone, and with that scenario, we would have confirmation of further oil price growth. Failure to break above the $95.00 level would mean a further pullback in oil prices and a new visit to the previous lower support zone of $75.00-$80.00. The Fibonacci setting shows that the current bullish pullback meets resistance at 38.% Fibonacci level, and we need a minimum move above the 50.0% Fibonacci level to move into a new longer-term bullish trend.
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the impulse started, target $94,00-$95,00Trade active
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.