USOIL has been moving upwards lately. The CPI figures released yesterday have been pushing it further upwards.
However there are resistance signals that the rapid movement has ended and that a retracement is taking place. As per the arrow back to 61.8%. The Fibo tool is also inline with the expectations.
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DO you think 1st april to 3rd april gap will fill by this down trend? clarifty me. from india
BDSwiss_Academy
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@santhoshoptionbuyer, Hi, actually you have the dates wrong. Look closely that the market is moving rapidly upwards since the 11th April. Found resistance at 21:00 (GMT+3) 12th April. That is the 100% of the movement (83,5). Then it retraces back to 81.90 level on Friday 14th April as per our green arrow indication. We use the Fibonacci levels to forecast price direction here. The 61.8 is the level where the market retraces at least, after a rapid and unusual movement or intraday shock.