Technical Analysis Post
USOIL Retracement 08.11.2023
Potential retracement opportunity for Crude oil considering that the resistance at 77.5 has been broken indicating a signal to the upside.
The price has experienced a sharp fall recently and a strong support is currently preventing the price to fall further. Technically and considering the volatility of Crude oil’s price, a retracement should take place.
Alternative scenario: The 100 Fibo level acts as a support that if a breakout occurs to the downside, the price could drop further rapidly until the next support at 75.5.