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MontyMacht
Jun 12, 2021 1:41 AM

Fibonacci and Trends Show Imminent Pullback and Possible Bear Short

WTI CRUDE OILTVC

Description

Oil is facing double historical resistance, currently on one and the other is in the near horizon. Given the recent minor pullback in which it passed a major resistance, it's more likely that it would stumble again this or next month as the trend subsides. The proximity to the Fibonacci time/price retracement is an indicator that for the bullish trend to continue, the same pace must continue for the coming months, which is unlikely since the gain in the last few months was very fast relative to history. Support level expected at 58.
Comments
citsvar
irrelevant, diff. context
MontyMacht
@citsvar, the only irrelevant thing is actually your comment. Please learn to form a proper sentence first before commenting. ;-)
citsvar
@mmon84 oil moves on supply and demand, what does 2010 oil has to do with now? fib or without
MontyMacht
@citsvar, sorry to surprise you, but stocks, FOREX, and crypto also move with supply and demand yet they follow Fibonacci and form trend lines.
citsvar
@mmon84, forex moves on fundumentals at core; the MA are pushing it higher
MontyMacht
@citsvar, that's a very distorted view of reality, but it doesn't matter.
citsvar
@mmon84, lol could explain why or have no arguments.
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