Crude Oil headed into a fast drop wave 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 seen on the chart, the market faces a chance of a rebound correction, with the 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 |