Recently, the beautiful waterfall of raw materials, Brent crude, which is under my watchful eye because of their certificates RCSCRAOPEN , flew to shelves important as uptrend line and 23.6% fibo abolish the whole wave of growth started in early 2009 year. Since 6 May observe the correction of decline.
I know that there are those who bet on new highs on oil. But I belong to this camp, which holds a version of the continuation of decline. Looking at the hourly chart above SC.F (Brent), we climb the quotations that respect the successive elimination of fibonacci wave decline. We passed 38.2% and 50%, which is an obvious point you could feel the resistance. Currently, trading close to 61.8% fibo elimination. These are price around $ 118.50 per barrel. I think that this might be an interesting point, indeed, may be it will be a turning point from which to start another strong wave of declines in oil. It is worth noting that the rising wedge is built, so the focus set for the next session of its lower limit.
last week showed that the game on the goods, is a hard piece of bread. At the recent dips (some of the toughest in history) drove even the largest veterans , losing several hundred million dollars.
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