The commodity WTI oil is falling sharply today, dropping by over 3.5% to $38.77. Based on retracement calculations, the oil price target for investors is $28.50. This means there is more than 25% downside still in the commodity before it finds a bottom. WTI oil crashed to -$40/bbl but recovered to nearly $45/bbl. After such an epic recovery, a giveback is always normal. In addition, the level is a technical pivot point from April 2020 as well as the aforementioned retrace level.

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