CFDTrading
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Crude Oil Makes False Break Higher, Likely to Fall Further
CFDtrading.com provides free FX news, trading resources, and market analysis to the forex trading community.
Written by David Rodriguez, Quantitative Analyst
Short-Term Technical Forecast for Crude Oil
Crude oil traded above important resistance at the top of its medium-term downtrend channel, but the NYMEX contract ultimately failed at the 61.8 percent Fibonacci retracement of the 76.20-61.30 move at 70.50. The move suggests that overall downward momentum for the contract remains intact, and subsequent targets to the downside include recent spike-lows of 64.04. A break of said support level would target a move back towards recent significant lows at the 61.20 mark.
To see the rest of this article, click HERE, as it continues to look at the outlooks for Gold and Silver.
CFDtrading.com provides free FX news, trading resources, and market analysis to the forex trading community.
CFDtrading.com provides free FX news, trading resources, and market analysis to the forex trading community.
Written by David Rodriguez, Quantitative Analyst
Short-Term Technical Forecast for Crude Oil
Crude oil traded above important resistance at the top of its medium-term downtrend channel, but the NYMEX contract ultimately failed at the 61.8 percent Fibonacci retracement of the 76.20-61.30 move at 70.50. The move suggests that overall downward momentum for the contract remains intact, and subsequent targets to the downside include recent spike-lows of 64.04. A break of said support level would target a move back towards recent significant lows at the 61.20 mark.
To see the rest of this article, click HERE, as it continues to look at the outlooks for Gold and Silver.
CFDtrading.com provides free FX news, trading resources, and market analysis to the forex trading community.
