Crude Oil Remains Bearish, Looking To Retest 2023 Levels
Feb 5, 2024

CRUDE OIL

Crude oil made only three waves up over the last few weeks, which indicates for an A-B-C correction within downtrend. It actually retraced into golden 61,8% Fibo. and 80.00 area from where market turned down and now pointing lower, possibly back to the 2023 lows if the channel is broken. So, energy can see more weakness as latest latest 4h structure looks bearish for 68 and then even for 60 area if December low is out.

Crude Oil Remains Bearish, Looking To Retest 2023 Levels Crude Oil Futures 4H Chart
Crude Oil Futures 4H Chart

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