Oil is near its selling zone.

Oil is on fire because of sanctions against Russia. Russia is one of the largest oil-producing countries globally, and the European countries mainly depend on Russian oil and gas.

The sanction against Russia put the fire on the oil sector. So, it is tough to say where the oil price will stop. But there is something about to say technical analysis and profit-taking factors.

As long as the European don't find alternatives, the oil price will rise. But profit-taking is a must for every trade.

The present rates are $110/115/Barrels seem a profit-taking zone. That means oil may go in deep correction nearly from the present rate.

So, I expect oil to drop from $110/115 to $90/92 for profit-taking purposes. But remember, profit-taking doesn't mean the trend is changing. The oil trend still is in an uptrend as long the European countries don't find the alternatives of Russian oil or the OPEC agreed to produce more oil.

So, we can sell in the short term from the present rates to the $90/92 price zone after deep correction, and we will go for buy again from the $90/92 price zone.

On the other hand, if oil breaks above the $115.00, we will continue our trade till the 2008'sswing high price zone of $145/150 price zone. However, I am not expecting it yet. I expect a correction first in deep, and then we will buy again. But I am still bullish on oil.

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