WTIUSD Chart Technical Outlook Crude Oil has the scope to correct lower toward $79.50
USOIL’s broad bias is bullish. It trades within a rising channel, printing higher highs and higher lows. Prices have printed a lower high this week than the previous one. This might develop a three-wave corrective structure with room for further losses toward the support zone of 50% and 61.8% Fibo levels. The measured move of the AB=CD pattern is at $79.50. A break above $83.00 will invalidate the correction scenario and resume the upward trend.
I expect the correction scenario to materialize and dips toward the support zone would likely find buyers.
Resistances: $83.00, $86.00
Supports: $80.50, $77.00
