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24.08.2023 04:14 PM
Technical analysis on Oil for August 24th, 2023.
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Red lines- bullish channel

Blue line- resistance trend line

Green lines- Fibonacci extension targets

Oil price is trading around $79. Today has been a volatile day as price fell towards $77.60 only to form a double bottom and return to the $79 price level. In the near term Oil price is oversold and a bounce towards $81.40 is justified. We do not forget that price broke out of a bullish channel and is now in a corrective phase. Oil price justifies a bounce higher towards the blue downward sloping resistance trend line. Our target of $76.50 remains our priority.

Alexandros Yfantis,
Analytical expert of InstaTrade
© 2007-2025

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