3 min readOIL (WTI/USD | BRENT):
Over the past few weeks, oil has exhibited significant “ranging” price behaviour, with no clear directional momentum emerging. At present, it is trading at $67.82.
A closer analysis of the technicals reveals that the price has been adhering closely to the 50% Fibonacci level, indicating a degree of balance in the market. Additionally, there is a key internal support area around $67.00. It will be interesting to see if the price forms a potential “double bottom” at this level before moving higher. However, if this support fails to hold, I will closely monitor subsequent price action to determine the next directional move.
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