Oil is correcting

16 march 2022 123
Elena_Berseneva
Elena_Berseneva

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Oil is correcting after the powerful breakthrough.


Gradually, the corrective Fibonacci retracement levels of 38.2% and 50% have been achieved and also the uptrend line.


It will become clear within several days whether the trend stand under pressure of the corrective movement. If it does, Brent growth will probably continue but at a calmer pace towards the levels of 107 and 117. Otherwise, decline to the Fibonacci retracement level of 61.8% is probable. 

Elena_Berseneva
Elena_Berseneva

Listed among the best MarketCheese authors
1st in the segments "Indices", "US stocks" and "Metals"
2nd in the segment "Currencies"
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