As I predicted earlier, a strong short rally started from 77.0 level on WTI. Being a key monthly structure, the market has already lost most than 7% of its value after a test.
Now the question arises, where is the goal for sellers?
Drawing the fib retracement based on the last bullish impulse, you can see how perfectly the price respected a 382 level. I guess with its second test, the price may go lower.
Being broken, the next support to watch will be 66.3 - 68.0 daily demand area. It is a confluence zone between a historical structure and 618 retracement.
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