Crude Oil Direction Remains Bearish
Hello Crude Oil Traders.
Let's take a look at this Chart. According to Fibonacci retracement, it seems that the market will get into a short and middle-term downtrend. It retraced to 0.23 level that indicates us an intention to get down. Even that the last crude oil inventories were very positive for the market it couldn't make any progress in the bullish trend. So we can still wait for the market to turn back to the 0.23 level and look forward to lower levels in order to reach the downline of the long-term trend's channel.
Let's take a look at this Chart. According to Fibonacci retracement, it seems that the market will get into a short and middle-term downtrend. It retraced to 0.23 level that indicates us an intention to get down. Even that the last crude oil inventories were very positive for the market it couldn't make any progress in the bullish trend. So we can still wait for the market to turn back to the 0.23 level and look forward to lower levels in order to reach the downline of the long-term trend's channel.