FX.co ★ Technical analysis on Oil for October 19th, 2023.

Red lines- bullish channel (broken)

Green lines- equal size decline scenario

Oil prices are trading around $87.20. Price continues to back test the broken channel from below. After the break out and below the bullish channel, price has bounced back up to test the lower channel boundary from below. Near term trend remains unclear. Our primary scenario sees Oil price get rejected once again and continue lower towards $76 as an equal wave down relative to the first decline from $95 to $81.50. At $85.60 we find short-term support and next at $82.30. Bulls need to keep an eye on these price levels.