10:13 AM · 16 February 2021

🔽 Correction on the oil market ⛽

Oil market started a new week with a bullish gap following weekend reports of new tensions in the Middle East as well as energy disruption in Texas, the main shale hub in the United States, However, bulls did not manage to maintain the upward move and the downward correction started. The nearest support to watch lies at $59.45, where the lower limit of 1:1 structure can be found. The area is additionally strengthened by the 50-period moving average and 38.2% FIbonacci retracement. If buyers manage to halt declines there, another upward impulse could be on the cards.

OIL.WTI H1 interval. Source: xStation5

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