$OILUSD
Added 2023-11-10 12:28:46 +0000 UTCI have been watching oil prices moving and in spite of the conflict in the Middle East, the price has barely moved from its trajectory.
For the entire year, the price held at the 0.5 Fib level which was also the 200 Day MA on the weekly chart around $58.
It then started moving higher in June and peaked at $95 in Sept and has been pulling back since jumping 50% since its low in June.
So a pull back was needed and the middle east conflict has done nothing to stop this pull back.
I believe the price bounces between here or at the 200 Day MA again at $70, which is also the 0.78 Fib too.
Losing the $68 level and the price can come down to the 0.618 Fib at $53.
