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CFDs and forex (FX) are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% of retail investor accounts lose money when trading CFDs with this provider.
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CFDs and forex (FX) are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs, FX, or any of our other products work and whether you can afford to take the high risk of losing your money. Losses can exceed deposits on some products.
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Technical Update - Oil hitting Fibonacci levels

Technical Update - Oil hitting Fibonacci levels

Commodities 4 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank Group

Brent Crude oil
Oil opened this week gapping higher with Brent Crude above resistance level at $126/brl shooting even  higher to 1,382 Fibonacci extension of the of the 3rd vawe (that means when 3rd wave is the length of 1, the 5th is the length of wave 3 x 1.382.)  However, when wave 5 is extended as it seems to be it can extend to 1.618 i.e. to around $148/brl. All time high recorded back in 2008 was $147.50.
There is no divergence on RSI and MACD indicating we could see higher levels.

Source: Saxo Group

WTI Light Sweet Crude oil
Just shy of a dollar the 1.618 Projection of the 2020 sell-off in WTI (where WTI went to minus $40/brl) was reached this morning,  and within a couple of dollars of the 1.382 Fibo Extension (at 133.98) of wave 3. If it extends to 1.618 at $146 it will be close to all time high at $147.26.

Source: Saxo Group

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