Last week marked the consolidation for the most active assets of March 1-15 (which is oil and gold). But next week has a lot to show, be ready to take part!
WTI Oil looking to make a rebound at the current stage
2019-11-11 • Updated
WTI Oil is facing a strong support zone around the Fibonacci level of 65% at 62.21. The short-term picture remains bullish despite the corrective phase which it has been following during the last few days. A rebound over there should help to resume the bullish bias towards the first target at 66.38, ahead of the critical Fibonacci zone of -23.6% at 67.90. To the downside, a break below 62.21 should expose the 59.96 level.
RSI indicator stays in the negative territory, although we can expect a neutral tone.
Why brothers? If you put an oil chart on the S&P500 chart, you will find out that these assets have a strong correlation…
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