USOIL Retracement 08.11.2023
Potential retracement opportunity for Crude oil considering that the resistance at 77.5 has been broken indicating a signal to the upside.
The price has experienced a sharp fall recently and a strong support is currently preventing the price to fall further. Technically and considering the volatility of Crude oil's price, a retracement should take place.
Alternative scenario: The 100 Fibo level acts as a support that if a breakout occurs to the downside, the price could drop further rapidly until the next support at 75.5.
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Information Regarding Important News and Figures can be found here in our Economic Calendar: mau.bdswiss.com/economic-calenda...
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BDS Ltd is authorized and regulated by the Financial Services Authority Seychelles (FSA) under license number SD047, address: Tenancy 10, Marina House, Eden Island, Mahe. Payment transactions are managed by BDS Markets (Registration number: 143350).
The price has experienced a sharp fall recently and a strong support is currently preventing the price to fall further. Technically and considering the volatility of Crude oil's price, a retracement should take place.
Alternative scenario: The 100 Fibo level acts as a support that if a breakout occurs to the downside, the price could drop further rapidly until the next support at 75.5.
__________________________
Information Regarding Important News and Figures can be found here in our Economic Calendar: mau.bdswiss.com/economic-calenda...
Risk Warning: Trading in CFDs is highly speculative and carries a high level of risk. It is possible to lose all of your invested capital. These products may not be suitable for everyone, and you should ensure that you fully understand the risks taking into consideration your investment objectives, level of experience, personal circumstances as well as personal resources. Speculate only with funds that you can afford to lose. Seek independent advice if necessary. Please refer to our Risk Disclosure.
BDSwiss is a trading name of BDS Markets and BDS Ltd.
BDS Markets is a company incorporated under the laws of the Republic of Mauritius and is authorized and regulated by the Financial Services Commission of Mauritius ( FSC ) under license number C116016172, address: 6th Floor, Tower 1, Nexteracom Building 72201 Ebene.
BDS Ltd is authorized and regulated by the Financial Services Authority Seychelles (FSA) under license number SD047, address: Tenancy 10, Marina House, Eden Island, Mahe. Payment transactions are managed by BDS Markets (Registration number: 143350).
BDSwiss Research Team: Stuart Cowell, Da-Costa Assumang, Adnan Rehman, Aldo Weidner
Our team of renowned market analysts and professional traders work round the clock to provide up-to-the-minute market news coverage & actionable financial commentary
Our team of renowned market analysts and professional traders work round the clock to provide up-to-the-minute market news coverage & actionable financial commentary
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