Daily Technical Analysis Research – Global Markets (OIL)

OIL (WTI/USD | BRENT)

On the daily timeframe, we can see that oil is currently trading below $71.00. Price action was significantly impacted by the “Black Monday” event that occurred a few weeks ago. Despite many analysts and forecasters predicting a recovery in oil prices, the price has repeatedly failed to hold support around $72.50 and has continued to decline in the short term.

If we take a closer look at the support zone between $72.00 and $73.00, which I mentioned earlier, it seems we are currently trading towards it on the daily timeframe. I’m interested to see how the price action responds within that area. This zone also aligns perfectly with the 50% Fibonacci level, and it’s worth noting that the RSI indicator shows no signs of the asset being either overbought or oversold.

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