In the blotted image below I have highlighted all the important information we currently have. As you know, I do not use the fibo indicator very often because the correction at the level of 50% can be determined with the naked eye. More important at these levels is how the price behaves. It happens that sometimes I put fibo on the chart because I know that a lot of people use it.
In the current situation, we have an interesting thing. The correction reached the level of the resistance formed after the rebound when the price collapsed. After such a pump, it is not surprising that the course finally collapsed. The most interesting thing about this is the lack of volume, which means the price went up without capital, so there weren’t too many big players who raised the price.
What is important to us is what is happening now, and you can see the fibo 61.8 level that has been achieved with great peace, because interesting things happen moments later. The first decline, turnover increase and the fight after the US entry (you can see it showing that something is happening). Today’s session will be important for the important because the increase in volume with a decline will mean that the price may deepen further downwards, and this will be a good sign (I am fed up with such high prices at gas stations). But we can start worrying when the price continues to go up on the increased level and breaks the local resistance level shown (the cross above the line). We can expect big players to enter with a lot of capital and buy contracts to see new heights .. And who cares about high oil prices? To those who have it in physical form ..