Tuesday, August 15, 2023
Blue lines- bullish channel
Oil price is trading around and below $81 after making a high around $84.88. Price today is exiting the bullish channel it was in since the $68 price level. In recent posts we warned traders that Oil price had very limited upside potential and it is highly likely we see a trend reversal. The RSI has already provided us with bearish divergence warnings. Today's price action is bearish as price exits the bullish channel. The upward move from $68 is most probably complete and we now see a corrective phase against this upward move. Our first pull back target is at $78.10. Second pull back target is at $74.
The material has been provided by InstaForex Company - www.instaforex.comfrom Forex analysis review https://ift.tt/JowHpFI
via IFTTT