Such an outcome would naturally bode well for crude, with prices bolstered along with the spectrum of growth-sensitive assets by the prospect of added support for the sagging economic recovery.
Thread: Oil
Such an outcome would naturally bode well for crude, with prices bolstered along with the spectrum of growth-sensitive assets by the prospect of added support for the sagging economic recovery.
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initial support is $85.59 at the 38.2% Fib, while a break above current resistance exposes 50% retracement of the decline from the drop from the August 27 swing high at $88.15.
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If a M15 close above 88 buy only and do not sell. If price closes back below it again do nothing.
If a M15 close below 86 sell only and do not buy. If price closes back above it again do nothing
The range 85 and 86 is neutral area, any trade done in between is personal decision and not part of this analysis
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Crude prices decoupled from equity markets yesterday, pulling back from resistance the 23.6% Fibonacci retracement level ($85.83) to form a bearish Dark Cloud Cover candlestick pattern hinting more losses are ahead even as the S&P 500 pushed higher.
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If the US stock markets will resume their falls it will likely to affect oil prices to trade down as well. I still think that oil prices fell too sharply too soon. In the near future WTI will settle around $85-$90 mark
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Prices took out resistance at $85.32, the 14.6% Fibonacci extension level, with the door now open for an advance to the 50% retracement of the decline from the late July swing high at $88.15
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The rebound from 38.2% Fibonacci extension support at $79.43 continues, with prices taking out the 23.6% Fib at $83.07 and now probing above the 14.6% level $85.32
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Sustained upside pressure exposes the next layer of resistance at $88.15. The 23.6% Fib has been recast as near-term support.
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The rebound from 38.2% Fibonacci extension support at $79.43 continues, with prices taking out the 23.6% Fib at $83.07 and now probing above the 14.6% level $85.32
Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.
he news from Libya might contribute to the recent downward trend of oil prices; it might even help bring down the high premium of Brent over WTI
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