XTIUSD | Continue to Failing in Channel
unexpected rise in US crude inventories further soured the sentiment on rising demand concerns.The price hit the lowest in almost two months, with fresh acceleration lower signaling continuation of larger downtrend from $87.61.
Technical Analysis
On Friday, oil hit 200 SMA , at 79.8, but quickly being pushing back to the support level at 77.7
Further Drop confirm if price continue to fail below 77.5 ( 61.8 Fibonacci Retracement Level) . Support at 75.7 and 72.7 are next target.
Technical Analysis
On Friday, oil hit 200 SMA , at 79.8, but quickly being pushing back to the support level at 77.7
Further Drop confirm if price continue to fail below 77.5 ( 61.8 Fibonacci Retracement Level) . Support at 75.7 and 72.7 are next target.
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