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06.12.202216:13 Forex Analysis & Reviews: Oil price close to providing a new bearish signal.

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Yellow rectangle- resistance

Green rectangle- support

Oil prices are again under pressure. Oil recently bounced above $83 but it only formed a lower high as price is again under pressure and close to breaking below the $75 key support level. Price so far has respected the horizontal support at $75 as it was successfully tested three times. This time the chances favor a break below it and price to move towards $70 and why not lower. Short-term trend remains bearish as long as price is below recent highs. Failure to hold $70 could lead towards $64. Bears remain in control of the short-term trend.

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