In today’s oil price forecast, I decided to share with you my insights from today’s Oil Trading Alert. Have a nice read!
Oil bulls failed. What are the implications for the black gold?
Technical Picture of Crude Oil
From today’s point of view, we see that the overall situation hasn’t changed much and crude oil future are still trading around the green support area created by the 78.6% Fibonacci retracement, the pro-bullish gap ($69.24-$69.56) from Dec. 24, 2024 and the late-Dec. 2024 lows.
Taking this fact into account, I believe that yesterday’s comments and levels to watch remain up to date also today:
(…) What’s next?
In my opinion, the sellers will not likely stop there and we’ll see a test of the next support zone created by the 78.6% Fibonacci retracement (based on the Sept. 2024 – mid.-Jan, 2025 upward move) and the black rising support line based on the Sept.10, 2024 and Nov.18, 2024 lows in the coming day(s).
If this last stop do not encourage oil bulls to fight the way to the early Dec, 2024 or mid.-Nov, 2024 lows will be open.
Summing up, crude oil futures remain under the barrier of $70, which increases the probability of further deterioration and attack on the next support zone in the very near future.
Have a profitable day, and see you tomorrow.
Anna Radomska