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FX.co ★ Oil prices remain under pressure.

Oil prices remain under pressure.

Oil prices remain under pressure.

Blue rectangles- lower highs

Red lines- Fibonacci extension targets

Oil price bounced recently towards $105-$106 but another lower high has been formed. Oil price is again below $100 and remains vulnerable to more downside as we mentioned in our last analysis. In our previous Oil analysis we noted that as long as Oil price is below $111, we remain pessimistic waiting for more downside. Oil is now trading below $98. Price is preparing to make new lower lows and our target is now at $93.50 and next at $87-$86. Trend remains bearish. The RSI is not in oversold levels and as long as price remains below recent high, we continue to be bearish Oil.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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