After our name final week of oil topping at around $64/B inside a bearish construction, bears took management and value fell 356 ticks (-5.58%) inside a few days.
After breaking with a direct bearish continuation sample (daring white) and an extended-time period bearish construction (dotted white), we at the moment are at an excessive-worth zone the place consumers are going to be discovered and quick period sellers are going to be taking revenue.
This space across the $61/Bis an earlier zone of excessive quantity and bears are going to have a tough time breaking under.
Ought to value break beneath this zone I see as the subsequent bearish goal the 161.eight% retracement of the flag (daring white) which confluences with the following worth district at around $57.90/B. This might imply a 585 tick dip (-9.17%) from the highest of the flag. In any case, we will probably be promoting rallies under $60/B.