Technical Analysis

WTI crude touches 38.2% retracement of the Oct-Dec plunge

Oil hits 38.2% from the lows

Oil hits 38.2% from the lows

The rebound in oil stalled out right now after a last push from a slumping greenback and dovish Fed.

Prospects for international development are higher after the Fed waved the white flag. China has additionally pulled the levers of stimulus and Venezuela is a large number.

It is perhaps time for consolidation as we hit the 38.2% retracement however we simply broke above the $54.00 stage and I feel there may be nonetheless room for optimism. There’s additionally a seasonal tailwind that does not kick off till February will get underway and lasts by means of April.

ForexLive


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