USOIL
Added 2023-12-11 03:44:55 +0000 UTCThis is what I have been watching with USOIL. Price has pulled back from the $90's in Sept and is in what looks like Wave 2 now, so we are watching where it can find support.
So far it is holding the 0.78 Fib at $70.30.
The price is still below the 50 and 200 Day MA so the bulls still have a bit of work to do to get this trend back up again.
There is considerable support on the larger 0.5 Fib in green at $64, which has been a support level throughout the year....I can not see oil going below this level, OPEC and BRICS countries would aggressively intervene with supply constraints if this was to happen.....and I believe they will lower supply regardless due to the lower activity in China.
Holding above $64 and the price can continue higher to our Wave 5 level by late next year.
