Oil Will Either Bounce Or Drop Below This Critical Level

Oil has made a substantial move up after the further production cut from Russia and S.Arabia. However, the price is having a retracement now.

As the price always tends to reach the equilibrium after having a substantial move up or down, we are seeing a retracement. The zone 63.90-64.35 is very important. If the market closes in the POC zone we might expect a bounce above. Targets will be 64.42 followed by 65.06 and 66.12.

However a drop below 63.14 will instigate a further bearish pressure towards 62.50 and 61.44.

(Click on image to enlarge)

 

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