FX.co ★ Oil prices below $100.

analysis on Oil, we warned traders that price formation was increasing chances of a move towards $102 and lower. Short-term support failed to hold and Oil prices are making new weekly lows and we are trading at levels seen back in April. Oil price is now targeting the $92 where we find the 100% Fibonacci extension of the first downward move. Oil is making lower lows and it is time to make a corrective pull back relative to the steep rise that took place over the last few months. As long as price is below $111 we remain pessimistic for Oil.