The price of oil has been too high for consecutive 7 months, due to inflation going on affects oil demand, for this reason, I can see a further drop in oil price, the break of 85.74 technically may trigger a sell-off to 66.6, as we trade below the short term moving average on weekly. see Images below for reference
ALTERNATIVE
Due to last week's candle close price printed indecision candle that suggests either way this means we may have alternative thoughts, If the price fails to break and close below the 4H low we will wait for the price at a recent high for continuation to the upside.
ALTERNATIVE
Due to last week's candle close price printed indecision candle that suggests either way this means we may have alternative thoughts, If the price fails to break and close below the 4H low we will wait for the price at a recent high for continuation to the upside.
