Current price: 80.50
Key point: 80.50
Our preferred direction: short positions below 80.50, targeting 78.60 as a first target, then 77 as a second target.
Alternative scenario: stop loss and change direction by breaking 80.50, targeting 85 levels
Technical comment
On the daily timeframe, oil reached the resistance levels 82.95-84.55, which corresponds to the harmonic bat pattern with a Fibonacci retracement rate of 88%, so that oil is expected to fall to reach the next support levels at 78.60, then 77 levels.
