3 min readOIL (WTI/USD | BRENT):
Over the past few weeks, oil has exhibited significant “ranging” price behaviour, with no clear directional momentum emerging. At present, it is trading at $67.82.
A closer analysis of the technicals reveals that the price has been adhering closely to the 50% Fibonacci level, indicating a degree of balance in the market. Additionally, there is a key internal support area around $67.00. It will be interesting to see if the price forms a potential “double bottom” at this level before moving higher. However, if this support fails to hold, I will closely monitor subsequent price action to determine the next directional move.
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The financial products offered by the Company are complex and come with a high risk of losing money rapidly due to leverage. These products may not be suitable for all investors. Before engaging, you should consider whether you understand how these leveraged products work and whether you can afford the high risk of losing your money.
The Company does not accept clients from the Restricted Jurisdictions as indicated in our website/ T&C. Some services or products may not be available in your jurisdiction.
The applicable legal entity and its respective products and services depend on the client’s country of residence and the entity with which the client has established a contractual relationship during registration.
