During the Asian session, the price of oil stagnated with a slight retreat towards lower levels of support. After yesterday's high at $ 123.10, the oil price fell to $ 121.30 this morning. We are now consolidating around $ 122.00. This pullback to the $ 120.00 price could continue today so that we can find support for the next stronger bullish impulse. We need a continuation of this week's bullish consolidation and a new visit to the $ 123.00 zone for the bullish option. Further bullish consolidation opens the door for us to visit the next higher levels. Potential targets are $ 124.00, $ 125.00 $ 126.00 levels. For the bearish option, we need the continuation of today's negative consolidation and the fall below the $ 121.00 and MA50 moving average. After that, the price would probably visit the $ 120.00 support zone. A break below this very important support for oil price could bring us down to the $ 118.00 level and maybe even to the $ 116.00 bottom line of support.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.