During the Asian session, oil prices continued yesterday's bearish trend. At the beginning of this session, we saw a recovery to $78.00, but a pullback soon followed, and the price of oil fell below the $77.00 level. We are currently at $76.50, and there is a good chance we could find ourselves at the $76.00 level soon. The current picture shows that the oil price could visit the previous low in the $72.00-$73.00 zone next week. For a bullish option, we need to consolidate above the $78.00 level; after that, we could expect a recovery to start.
You may be right. This can be the start of a whole new move.
JBNYCTRADE
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We touched $75.29 yesterday. I think we can see a lower level on Tuesday but I'm staying cash for the inventory announcement on Wednesday which is sure to initiate a reaction in the markets. Overall we're in an Irregular Rounding Top Formation.