Oil is testing the critical support
Oil critical support is 70.50. Looking at the long-term monthly chart you can see a heavy intersection of a 50% Fibonacci retracement and the uptrend channel. Also, we have descending wedge leading to this support which can be bullish in the medium to long term. We have a striking level for 2023. A break below will lead to a reversal lower to the 50-60 zone while a bounce is required for an extension higher.
On the weekly chart, we can see a minor bounce from 72.50 after the strong bearish candle at the beginning of the year. We need to see a bullish week recovery and a break above the 79 for a breakout higher and a bullish reversal extension higher.
On the daily chart, we can see a good RR trade opportunity…
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