a major correction
The 34 mark is proving to be a resistance.
If after the first attempt on May 21st, the second attempt also fails at the 34 level, a major correction to the $25-28 level is imminent.
This level has proven to be a strong resistance and support. Additionally it is a Fibonacci retracement.
Overall, the upward trend in oil should continue, so the $25 mark should serve as support for a price level above $35.
If after the first attempt on May 21st, the second attempt also fails at the 34 level, a major correction to the $25-28 level is imminent.
This level has proven to be a strong resistance and support. Additionally it is a Fibonacci retracement.
Overall, the upward trend in oil should continue, so the $25 mark should serve as support for a price level above $35.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.