Hi traders,
The USOIL has been declining since the last few weeks, dropping from $ 51 to $ 40. The current area is the 38.2% Fibonacci retracement of the bigger downward move. If it reaches the $ 35 area, I'm expecting a reversal. This is where the 61.8% Fibonacci retracement is and we can see previous structure around this area.
Entry: $ 35.73
Stop: $ 33.56
Target: $ 39.87 = R:RR 1.91
Will keep this updated. Best of luck!
The USOIL has been declining since the last few weeks, dropping from $ 51 to $ 40. The current area is the 38.2% Fibonacci retracement of the bigger downward move. If it reaches the $ 35 area, I'm expecting a reversal. This is where the 61.8% Fibonacci retracement is and we can see previous structure around this area.
Entry: $ 35.73
Stop: $ 33.56
Target: $ 39.87 = R:RR 1.91
Will keep this updated. Best of luck!
