Oil price under pressure below $80.

Blue lines- Fibonacci retracement levels

Oil price is trading around $79 having lost nearly $2 in less than 24h hours. Recently we provided a warning to bulls that a pull back was imminent. In our previous analysis we confirmed the start of a reversal and a pull back. Oil is making new daily lows as price is approaching our first pull back target around $78.20 and the 38% Fibonacci retracement level. Short-term trend is bearish. The RSI has turned lower from overbought levels. The RSI is negative sloped implied that we should expect more downside in Oil.

The material has been provided by InstaForex Company - www.instaforex.com

from Forex analysis review https://ift.tt/DJtnCpY
via IFTTT