Oil failed at $48.94 (23.6% fib) on Wednesday, faded spike above the same on Thursday and witnessed a rejection at the key fib level again in the Asian session today.
The price action suggests potential for a fall back to $48.00.
The short-term averages- 5-DMA and 10-DMA look overstretched, hence, prices may not drop much below $48.00 levels.
The price action suggests potential for a fall back to $48.00.
The short-term averages- 5-DMA and 10-DMA look overstretched, hence, prices may not drop much below $48.00 levels.
