After conquering the highest peak in the last 7 years, oil has reached $84.7 and starting from November 10, 2021, the oil price corrected sharply and once fell to $66.8 in today's session. If we close this November with a strong bearish candle like now, then in my opinion, the downward trend of the correction will continue in December.
On the D1 daily chart time frame, after recovering slightly around the $72.7 price zone, oil faced downward pressure and dropped to $66.8. With the current downward force, I expect that the oil price will continue to correct down and the target will be $59-53 in the near future and the selling option will be my opinion to wait for the recovery to recover. The closest resistance level in the oil price down is around $72-75, which is the ideal area for us to establish a long short position with WTI.
www.moneylifeconsulting.com
No comments:
Post a Comment