USOIL Retracement 11.03.2024 by BDSwiss_Academy on TradingView.com
Crude oil is that it fell rapidly from the 8th March peak 79.5 to 76.85 USD/b. Considering that deviations from means are roughly 10 USD currently the retracement about that amount to the 61.8 Fibo level is quite probable.
Now, the fundamentals: Demand from China looks to be lagging causing the dive, however supplies have remained on the tighter side given OPEC’s production cuts and Russian sanctions slowing exports causing price resilience excluding the probabilities of sharp drops, keeping price in balance.
Technically, the price broke a triangle formation that could cause the price to reach the next support at 76 USD/b. However, without retracements to the MA it would be quite surprising
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