On the daily chart, oil failed twice to break a support at $54.50, the 261.8% projection level on the uptrend from $39.34. The failures suggest the formation of a double-bottom.
Biden will also create new commissions and positions within the government focused on environmental justice and environmentally friendly job creation, including one to help displaced coal communities, the newspaper said.
The trend from $53.93 may have reversed. It consists of three waves. The third wave labeled c is roughly equal to the first wave labeled a. This equality confirms the reversal of the trend.