Last trading week, we see that buyers rewrote the new maximum a little, but it did not work out for a long time above the 64.30 mark, we can say that they made a false breakout above and now the price is again trying to gain a foothold below the previous local level at 63.65, despite the fact that it is below during that time there was an empty place for a fall, so it is quite possible from this formation that quotes will go down again and targets may become 62.55 with a possible continuation.
Despite the decline in oil prices (in short-term trading), the overall picture shows growth (see figure). On Friday, the result of the decline in value was such news as "a slowdown in business growth in China, tough situations with coronavirus in India, as well as in other countries including Japan and Brazil." Sharp demand for the American currency. But what happens next? So far, the price of black gold is $ 63.48 per barrel. It's strange to talk about technical characteristics, but so far the uptrend line shows an active growth in oil prices. The general range at which oil varies is $ 63-64.
On the four-hour chart the price was able to form so much a fractal to the north, but you need to wait for the opening of the trading day. And the price will most likely be able to continue northward to the level of this month's high. And of course, as an alternative, the price will be able to continue to reduce oil to the level of the middle line to the level of 62.30 approximately, and already at it, look where the price will go. And the most important thing is that oil is now showing a northern direction in stochastics.