Crude seems to have formed a long term bottom near 44 that it touched in January this year. Multiple factors are indicating that a bottom has been formed. These are mentioned below –
- Crude has taken support at its 17 years old trend-line (shown in red color)
- This support also coincide with Fibonacci fan lines
- An important 161.8% retracement level exists at 52, if gold sustains above this on a monthly basis, it will be a strong bullish confirmation
- RSI is at deep oversold levels which have historically coincided with major bottoms
- Our proprietary trend indicator is indicating waning of long term down trend and formation of a bottom
No comments :
Post a Comment