Crude Oil headed for a fast drop as the Democrats’ landslide election victory brought some relief that Donald Trump’s war against Iran may come to an end.
The market fell below support at 91.50 and met the target at 86.50.
As we see on the chart, the market faces a chance for some rebound correction, with a trading zone toward 93.00.
Below 86.50 more drops toward 79.80 are likely.
| SUPPORT | RESISTANCE | |
|---|---|---|
| LEVEL1 | 86.50 | 93.00 |
| LEVEL2 | 79.80 | 95.25 |
| LEVEL3 | 76.00 | 98.00 |