- Tug of war between bears and bulls as price meets 50% retracement target.
- While below the 50 and 200 daily moving averages, bears remain in charge.
The price of oil started to recover towards the end of the week, but, technically, the price is still underwater despite a break back above the 61.8%% Fibo of the late Dec to 2019 range. Bulls have taken back the 50% Fibo of the same range, but until there us a tet and hold above the 50 and 200 daily moving averages, bears remain in charge.
The Bears can target below the 50 handle on an escalation of the trade wars – 47.56 comes in as the 78.6% Fibo. Bulls can target the 20-day moving average at 55.50 and then a run towards 56.80 and then 60.50.
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