Blue lines- Fibonacci retracements
green lines- Fibonacci extension targets
Oil price is trading around $89.20 as price continues making higher lows. So far price has made a double top around $93.60-$93.75. The resistance between $93-$94 is confirmed and a break above this level will increase chances of reaching our target of $100. The decline from $123.67 is most probably complete and we are now at least retracing this decline. Price has so far reached the 38% retracement level. This is important resistance. A break above it will open the way for a move towards the 61.8% retracement where we also find the 100% extension target of the current higher highs and higher lows pattern. Support is at $82 and at $84.70. As long as price respects these two levels, bulls have the upper hand.