Oil is testing the strong support

Oil is testing the strong support

 

Oil is testing the 95-96 support confluence zone. This is the uptrend line area and 50% of the Fibonacci December 2021- Mach 2022 swing high retracement. A break below this level could lead to a deeper pullback into 89 and lower to 75. Bounce here is required for the upside continuation.

Note: look for the long trade entries with the stop loss below 95.50 if stopped out reverse to short

 

 

 

 

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