Oil Gathers Bearish Momentum

 | Dec 02, 2021 02:43AM ET

Type: Bearish reversal

Key Levels: Resistance: 69.834, pivot: 68.48, and support: 64.678

Preferred Case: Oil WTI prices are consolidating in a parallel channel. We see the potential for a dip from our pivot at 68.48 in 38.2% and 23.6% Fibonacci retracement towards our 1st support at 64.678 which is an area of Fibonacci confluences.

Alternative Scenario: Alternatively, prices may climb towards our 1st resistance at 69.834 in line with 61.8% and 38.2% Fibonacci retracement.