After conquering the highest peak in the last 7 years, oil has reached $84.7, and starting from November 10, 2021, the oil price corrected sharply and once fell to $66.8 in today's session. If we close this November with a strong bearish candle-like now, then, in my opinion, the downward trend of the correction will continue in December.
- On the D1 daily chart time frame, after recovering slightly around the $72.7 price zone, oil faced downward pressure and dropped to $66.8. With the current downward force, I expect that the oil price will continue to correct down and the target will be $59-53 in the near future and the selling option will be my opinion to wait for the recovery to recover. The closest resistance level in the oil price down is around $72-75, which is the ideal area for us to establish a long-short position with Crude Oil.
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