Oil has had
a very good bearish trend lately, due to the oversupply worries that are
permeating the market. Once the price of WTI oil reached the 61.8% Fibonacci
retracement at the 47.00 level, it bounces to the upside from that zone as
shown on the daily chart. The 50% Fibo is exactly at the 48.00 level and it
could act as a resistance, but the daily candle has closed as a “hammer”, which
is a bullish reversal candlestick pattern if the next candle is bullish. Above
the 48.00 level, the next resistance could be at the 200 day exponential moving
average on the 49.41 level. The 50.00, 51.00, or the 52.00 levels could also
act as resistance. Below the 47.00 level, the next support zone could be the
76.4% Fibo which is at the 46.00 level, followed by the 44.00 level.
I'll watch those levels, thank you.
ReplyDeleteI agree with your assessment.
ReplyDeleteExcellent assessment as always!
ReplyDeleteIt could be a good turning point.
ReplyDeleteExcellent analysis, thank you!
ReplyDeleteOil prices fell again, although the Energy Department reported that weekly inventories of this raw material fell by 6.4 million barrels, a more than expected decline (-2.6 million barrels).
ReplyDeleteThanks for the analysis.
ReplyDeleteVery accurate analysis!
ReplyDelete