On this oil chart, Fibonacci levels help us a lot to determine the location of the potential next resistance.
The 61.8% Fibonacci level proved to be where the oil price makes a pullback and then continues its bearish trend.
The same situation was on the big Fibonacci setup, and the repetition was on the next smaller Fibonacci setup.
Our first target is the previous low at $ 98.50, and the next target is around $ 95.00. The smaller price recovery is possible up to $ 105.00, where new resistance is expected, and the price will likely ( wait for confirmation ) from that place continue to fall to lower levels.
The 61.8% Fibonacci level proved to be where the oil price makes a pullback and then continues its bearish trend.
The same situation was on the big Fibonacci setup, and the repetition was on the next smaller Fibonacci setup.
Our first target is the previous low at $ 98.50, and the next target is around $ 95.00. The smaller price recovery is possible up to $ 105.00, where new resistance is expected, and the price will likely ( wait for confirmation ) from that place continue to fall to lower levels.
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