Published On: Tue, Apr 25th, 2017

WTI Crude Oil: Fibonacci analysis


On H4 chart the price is dropping to the level of 48.75 (76.4% match of corrections for the short term and 50.0% for the long term trend). Breaking through this level will open a prospect for falling to March minimums to the level of 47.10. If the price reverses (which is quite possible as Stochastic is directed upwards and the fall of the price is prevented by an opposite fan) growth targets will be 49.73 (correction 61.8%) and 50.54 (correction 50.0%).

On D1 chart the price is decreasing to the level of 48.57 and in case it is broken through may reach the levels of 48.10 (lower line of Bollinger Bands) and 47.40 (correction 61.8%). However the reversal option in the medium term seems more preferable (Stochastic is reversing in the oversold zone). In this case the price may rise to the levels of 50.10 (correction 38.2%) and 51.20 (middle line of Bollinger Bands).

Trading tips

In this situation the instrument may be bought from the current price and the level of 48.75 with targets at 49.73, 50.54, 51.20 and stop-loss at 48.30.

Alternative scenario

Selling the instrument will be relevant if the price consolidates below 48.75 with targets at 47.40, 47.10 and stop-loss at 48.90.

The material published on this page is produced by the Claws&Horns Company and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC; furthermore it has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

Forex Analysis

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