Crude Oil 4H Chart - Closer look at the Retracement Levels
Crude Oil is still on its way to go down to 100.40 -101.00 .If that touches and bounces off there we could see the price to move to $108.00 or even higher within couple of months or even sooner.
Every single run up within the ascending triangle has it's own retracement bounce off lvl.
The 1st big rally started in the beginning of the January 2014 and ended almost 3 months later in the March 2014 where it retraced to 50% and then ran up again. However, bulls weren't strong enough to break through that time. So we could see and expect much bigger pull back that time but neither bears wasn't that strong to rip the price further down and the triangle formation has begun. Oil price stopped falling down further more and bounced off at 76% Fib Retracement lvl and rallied up again to just make another check point ( Lower high ) within the triangle. So we could all wait for couple of red candles in the red fibo area in order to confirm another price fall. In my case I could say black candles has been spotted and that's where I opened a short positions and now waiting for $100.40 - $ 101.00 to be made within couple weeks. It's going to be the area where I'm going to close my short positions and open buy positions with stop loss slightly below $100.00.
Please do not take this idea as an investment advice.
Do not hesitate to agree or disagree ...
Every single run up within the ascending triangle has it's own retracement bounce off lvl.
The 1st big rally started in the beginning of the January 2014 and ended almost 3 months later in the March 2014 where it retraced to 50% and then ran up again. However, bulls weren't strong enough to break through that time. So we could see and expect much bigger pull back that time but neither bears wasn't that strong to rip the price further down and the triangle formation has begun. Oil price stopped falling down further more and bounced off at 76% Fib Retracement lvl and rallied up again to just make another check point ( Lower high ) within the triangle. So we could all wait for couple of red candles in the red fibo area in order to confirm another price fall. In my case I could say black candles has been spotted and that's where I opened a short positions and now waiting for $100.40 - $ 101.00 to be made within couple weeks. It's going to be the area where I'm going to close my short positions and open buy positions with stop loss slightly below $100.00.
Please do not take this idea as an investment advice.
Do not hesitate to agree or disagree ...
