OIL ON THE DECLINE - BACK TO 50% DECLINE @$32
Oil has started to form a double top around the $53 region with a key fib level of 0.786 @ $51 being broken recently and the price will most definitely return back to it. I'm anticipating a big drop, either immediately or via a delayed move back down to the 0.618 fib via H&S which if broken could see a drop to the 0.5 fib @ $32 acting as strong support. With the pandemic ceasing to let up and the new strains emerging, aviation being severely limited and Biden who is keen to deviate away from oil going forwards, there is only so much a vaccine and OPEC cuts can do but having said that, I still have my shorts open from $46 which haven't gone to plan. With a new short at $52 opened, I am hoping the long-term awaited correction will occur. Leave a like if you agree or feel free to comment. Happy trading all!
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