Lets start with where we are, what we did on upside and how we are doing on the levels for now.
We went on to hit the higher timeframe weekly reference at $114.8 on USOIL
Russia invaded Ukraine and is ongoing on 24 February 2022, lets look at the AVWAP from 24th Feb and the range high made on 8th March. Crude prices are trading below the buyer average of $109 since 24th Feb. In short the panic buyers are in losses. Will the prices see further panic ?
With current news flow, may be not. It needs something out of the context which can push prices back up. (Basically I do not know what can push them higher again 😀 )
Since we are moving down on the prices and buyers are not in control of the prices and what the Daily chart suggest now is that the low at $90 on 25th Feb since the war broke out is the most likely objective for this down move in Crude.
The points mentioned are not much of a dream but the data which is in front of us, just putting it out there for you.
Disclaimer: - No open position , that's why sharing what's in front and not what I think based on my position.