Crude Oil headed for a fast drop wave as with the Democrats’ landslide election victory pushed for some relief that Donald Trump’s war against Iran could soon end.
Prices fell below the support of 91.50 to meet the target of 86.50.
As we see from the chart, the market facing a chance for a rebound towards 93.00.
Below 86.50 more of a drop toward 79.80 is likely.
| SUPPORT | RESISTANCE | |
|---|---|---|
| LEVEL1 | 86.50 | 93.00 |
| LEVEL2 | 79.80 | 95.25 |
| LEVEL3 | 76.00 | 98.00 |