Oil, limited bullish view
Updated
At the beginning of November, oil prices formed a new higher low in the $82.00-$85.00 zone. Now we need to form a new higher high in the $97.50-$100.00 zone, and with that scenario, we would have confirmation of further oil price growth. Failure to break above the $95.00 level would mean a further pullback in oil prices and a new visit to the previous lower support zone of $75.00-$80.00. The Fibonacci setting shows that the current bullish pullback meets resistance at 38.% Fibonacci level, and we need a minimum move above the 50.0% Fibonacci level to move into a new longer-term bullish trend.
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the impulse started, target $94,00-$95,00Trade active
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