Placing a fib from July 2008 high ($147.27) to April 2020 low (-$37.67). There's been some nice alignments. .618 has been a solid bounce. .382 a solid rejection.
Marking up the top and bottom of the candle that took us below zero, crashing oil down to -£37.67, then finding the midpoint, takes us to $1.97. That's the potential low and very possible if we get a strong 2nd wave of cv19. Putting us yet again under lockdown. That's worst case scenario.
Looking at the upside, I can see $51 being possible, which takes us to .5 on the fib. or near it. May even reach for it.
Assuming for a moment that my $51 is correct. mid price between $51 and $2 is $26.50 . Also happens to be a solid bounce area. as seen in the first quarter of 2016. So that's what I'm aiming for for now. I'll hold if it continues down.
Disclaimer: I am not a prophet or from the future. If you choose to trade off of my data and views, the risk is and always will be your own.
I am a Retail Trader just like you.
Marking up the top and bottom of the candle that took us below zero, crashing oil down to -£37.67, then finding the midpoint, takes us to $1.97. That's the potential low and very possible if we get a strong 2nd wave of cv19. Putting us yet again under lockdown. That's worst case scenario.
Looking at the upside, I can see $51 being possible, which takes us to .5 on the fib. or near it. May even reach for it.
Assuming for a moment that my $51 is correct. mid price between $51 and $2 is $26.50 . Also happens to be a solid bounce area. as seen in the first quarter of 2016. So that's what I'm aiming for for now. I'll hold if it continues down.
Disclaimer: I am not a prophet or from the future. If you choose to trade off of my data and views, the risk is and always will be your own.
I am a Retail Trader just like you.