MassimoRusso

US OIL Fibonacci Retracement

Long
FX:USOIL   CFDs on Crude Oil (WTI)
Applying Fibo R. to the chart, starting by the min price on YTD period (USD 42.24), it is possible to getting in that Fibo R. is substantially respected. Looking at last max price (USD 58.95), the chart retraced in a lateral moving. If the price leave the lateral movement toward up, I think it is possible to see a growing scenario that would carry the price to USD 68.00/.30. In the opposite scenario, the price could carry down to USD 56.00. I am confident on the first scenario, even if prudentially.
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