Long term oil thoughts
Looking at the pattern in the recovery after the 08 financial crash, there are some similarities in the current recovery of oil 0.03% prices.
- 1st level of resistance being tested now (May 2015 highs)
- 2nd level will be 0.5 fib retracement of June 2014 - Feb 2016 crash. Area has also acted as support/resistance at various times.
- 3rd level .618 fib retrace of same crash. Which too has acted as sup/res.
See a dip at this test of resistance before a final push higher? or will it continue its sharp rise to test 0.5 fib level
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