what’s the next move for the oil
crude oil jumped from a near 13-year low of $27 a barrel last month to as high as $35 last week, yesterday it fell down and broke major support at 29.30 as i mention on my last post this is crucial and I’m expecting to see some more downside moves
extension harmonic pattern where sometimes can be found near key market reversal points
D would need to be an extension of BC in the magnitude of 1.618 or 2.618. This should align with an extension of XA in the magnitude of a 1.27 or 1.618.
the bright spot for oil bulls is the dollar. With expectations of a second US interest rate rise also falling, the greenback has fallen back against other countries, which reduces the cost of oil for overseas buyers in critical industrial markets such as China.
crude oil next stop suggest at 26 $ , stop should be placed at 29.80 area
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| crude oil |
This review does not including any document and / or file attached to it as an advice or recommendation to buy / sell securities and / or other advice