USOil - Short (18/02/22) Active Middle Day

After corrections due to raising on 14/02, a Doji appeared on the chart followed by hammer candle in the upwards direction. Also, the Fib extension shows the price hits over the 0.382. For fast runners, they can sell @ $90.5x level as first target.

The price is on the way to fit out of the red supporting zone and it is possible to hit $91.5x as a second target of the day.

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Chart overview on 1 hr time frame

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The Saudi Russian political allies is under test. The OPEC+ will not increase the production except under special circumstances while there are optimistic news coming from Iranian side as may be they will have an agreement with US and Europe regarding their nuclear plans. This may be because they like to facilitate pumping of oil from Iranian side as an alternative supplier.

All these impact the price of the oil and down trend its price after the big rise last 14/02/22.