FX.co ★ Technical analysis on Oil for November 8th, 2023.

Blue lines- Fibonacci retracement levels

Oil price is trading around $76-$77. Short-term trend remains bearish as price continues making lower lows and lower highs. Bulls were warned a few weeks ago when Oil price broke out of the bullish channel it was in and back tested the channel from below and got rejected. Oil price has reached today the 61.8% Fibonacci retracement level of the entire upward move. This is very important support. At the 61.8% retracement level we usually see trend reversals. That is why traders need to be very cautious. Technically we have no confirmation of a reversal to the upside. Bears remain in control of the short-term trend.