Crude oil near Fibonacci support
Crude oil has been trading in a higher top higher bottom formation suggesting the trend to be positive in the near term. However it has experienced correction since early March and stands at the 61.8% Fibonacci support of the rise seen from 22nd January to 8th March indicating a rebound in the offing. It would be prudent to say that Crude oil could advance towards 62.50 and 64.00 while it sustains above 58.00.
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Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.
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