Oil: Key Fibonacci Zone to watch for

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Price has been in a clear downtrend, with sellers firmly in control, driving a series of lower lows and lower highs. However, after a strong bearish leg, momentum began to slow, candles started showing long wicks and smaller bodies, signaling that selling pressure might be fading.

If price continues upward, the $61.50 region becomes a crucial zone. A strong rejection from there would confirm that sellers are reloading for another push down.

In short, this is a Fibonacci retracement move within a broader downtrend.

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