based on supply and demand with fib retracement
if break out the zone it will move to another zone and move to fib retrace of 50%
once it breakout 60.42 thn move up to 64.43
Hi All,
21:33 Hrs / 5th Feb 2019
Last Price@54.58$
Jan 2019 has started upside recovery as suggested in the last idea that 38-42 $ base should act as strong & we look upside.
The Last Oil Idea ( Video Idea)
Cheers!
Its been quite a while, we are watching crudeoil's decline, after an energetic run which stopped around 77. prices are juggling between 50and 54 since quite long, 52.20 area always ensured enough supply which in my opinion is a demand zone now. I would suggest going long for 55 with placing SL at 51.90.
Crude oil has been in a downtrend for the last week, we can expect a retracement till 68.50$. We could see resistance around those levels to continue lower towards 61$. Short term traders can buy with a SL 66.80
Crude Oil is a naturally occurring liquid fossil fuel resulting from plants and animals buried underground and exposed to extreme heat and pressure. Crude oil is one of the most demanded commodities and prices have significantly increased in recent times. Two major benchmarks for pricing crude oil are the United States' WTI (West Texas Intermediate) and United Kingdom's Brent. The differences between WTI and Brent include not only price but oil type as well, with WTI producing crude oil with a different density and sulfur content. The demand for crude oil is dependent on global economic conditions as well as market speculation. Crude oil prices are commonly measured in USD. Although there have been discussions of replacing the USD with another trade currency for crude oil, no definitive actions have been taken.
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