WeeklyTrader

0.382/0.618 retrace and long? or just crash down

FX:UKOIL   Crude Oil (Brent)
131 0 6
we saw a huge rise yesterday...
BUT, lots of people shorted at 41.39, 40.39 or 39.09
if we want a more big up for future, UKOIL             tends to retrace to 0.382 or 0.618 to add more ...
OR, it may not support the retracement AND become a down trend reversal...
So both scenarios are possible.

Finally, weely TBL has closed above previous high 41.39 ... of which the volume is small.
So we may choose a direction next week for the future.
Keep going up to 50, or crash down to 30?
Trade safe.

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