Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

WTI Crude: 1st Fibonacci Support At 5220/10 Is KeyTo Direction

Published 01/04/2017, 05:26 AM
Updated 07/09/2023, 06:31 AM

WTI Crude Daily Forecast Weekly Chart

WTI Crude Oil first Fibonacci support at 5220/10 is key to direction. Holding here allows a recovery to minor resistance at 5280/90 but expect stronger resistance at 5325/35. Gains are likely to be limited & we could see a high for the day here. There is further short term resistance at 5375/85 so only above 5395 is more positive, targeting the LATE December high at 5437 & the December high at 5450/51.

Failure to beat first resistance at 5280/90 retests the most important support of the day at 5220/10. A sustained break below the October high at 5193 is a sell signal targeting 5155/50 then 5125, perhaps as far as 5090/80. Further losses test quite good short term support at 5030/20.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.