Oil has started the previous week with a lot of bearishness, resulting in prices reaching 76.66, which resulted in liquidity grab followed by a beautiful bounce shooting up oil to 79.65 levels on early Friday session.
Oil faile to breach those highs which resulted in downwards pressure and sell offs resulting in a decline in prices till 77.89.
Apparently Oil needs more liquidity in order to breach the 79.65-80 levels which would be only achievable by grabbing liquidity around those key levels (showing on the chart)
If those key levels fail to hold Oil, we can expect even more bearishness which would take he prices to 75.9 74.5 levels.
Oil faile to breach those highs which resulted in downwards pressure and sell offs resulting in a decline in prices till 77.89.
Apparently Oil needs more liquidity in order to breach the 79.65-80 levels which would be only achievable by grabbing liquidity around those key levels (showing on the chart)
If those key levels fail to hold Oil, we can expect even more bearishness which would take he prices to 75.9 74.5 levels.