JICPT| Crude oil may fall to $85 to seek support

Hello everyone. Fear of recession has been the major concerns of investors. By looking at the bumpy Us 10y yield chart, it has dropped from 3.48% to the current 2.67% . Obviously, the focus has shifted from supply chain issues and inflation.
US10Y

Now, bullish oil buyers are worried about the future economy with the recession looms. The negative oil price happened 2 plus years ago really shocked investors.

Technically, I think the oil is very like to seek support around $85 which happens to be flip level. In addition, it just sits below the key fib level.

What do you think? Give me a like if you're with me.

Comment:

Obviously, the better-than-expected job report released last Friday defies that the economy is in the recession. Oil rebounded after the report. Investors are also anticipating aggressive rate hikes, say 75bps in Sept. More bad news is required to bring the oil price down.

Comment:

On the hourly chart, it's still sideways.

Comment:

The 61.8% fib level got well respected. Price refused to go to 85 to retest the flip level. On the hourly chart, the small sideway zone has been violated to the upside. Buyers takes control.