Placing a fib from July 2008 high ($147.27) to April 2020 low (-$37.67). There's been some nice alignments. .618 has been a solid bounce. .382 a solid rejection.
Marking up the top and bottom of the candle that took us below zero, crashing oil down to -£37.67, then finding the midpoint, takes us to $1.97. That's the potential low and very possible if we get a strong 2nd wave of cv19. Putting us yet again under lockdown. That's worst case scenario.
Looking at the upside, I can see $51 being possible, which takes us to .5 on the fib. or near it. May even reach for it.
Assuming for a moment that my $51 is correct. mid price between $51 and $2 is $26.50 . Also happens to be a solid bounce area. as seen in the first quarter of 2016. So that's what I'm aiming for for now. I'll hold if it continues down.
Disclaimer: I am not a prophet or from the future. If you choose to trade off of my data and views, the risk is and always will be your own.
I am a Retail Trader just like you.
Marking up the top and bottom of the candle that took us below zero, crashing oil down to -£37.67, then finding the midpoint, takes us to $1.97. That's the potential low and very possible if we get a strong 2nd wave of cv19. Putting us yet again under lockdown. That's worst case scenario.
Looking at the upside, I can see $51 being possible, which takes us to .5 on the fib. or near it. May even reach for it.
Assuming for a moment that my $51 is correct. mid price between $51 and $2 is $26.50 . Also happens to be a solid bounce area. as seen in the first quarter of 2016. So that's what I'm aiming for for now. I'll hold if it continues down.
Disclaimer: I am not a prophet or from the future. If you choose to trade off of my data and views, the risk is and always will be your own.
I am a Retail Trader just like you.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.