Oil analysis for the week.“Oil - USOIL”
At the last high reached by oil prices at 78.40 dollars per barrel, a 61.8% upward correction occurred according to the Fibonacci sequence, which is more than enough to start a downward impulse and was already by nearly a thousand pips, and the movement continued after that in a wobbly manner until a Trendline or upper wedge was formed for the descending corrective channel, so we notice in the picture the presence of the level in red, which was the closing of last week, and thus there was a bullish price gap at the opening.
Thus, there was an upward gap at the opening. Now the price is at 71.70
We expect the upward movement to touch the green-colored sub-trendline area and expect a simple tail above the target of 74.21
It is also possible to continue it to the fictitious line level at about 74.75.
From there, a corrective move down.
This and God knows best.
