Oil is reaching 61.8% retracement of the 12 years downside
Oil is reaching the 61.8% Fibonacci retracement of 2008-2020 swing down. We are seeing this as the 5 waves upside finished and looking for a correction lower. This view will be invalidated only upon a break above 94.
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The weekly chart shows a test of the important upside resistance now. It is a confluence of the mentioned retracement level and an upside wedge resistance. We need to see a break above 94 for continuation higher, but at this point, our view is more inclined to a downside correction
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On a daily chart, we can see a good RR trade opportunity Already a member? This article is so good, it’s for premium members only.
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