Oil Hovering Above 50%:
Oil bears are getting weary as the ‘correction’ drags on. Crude is currently up over 50% from the multi-year lows set in early February, but appears heavy as March draws to an end.
Initial support is the 50% retracement/Friday’s low at 38.30, with a break below there bringing the 38.2 Fib back into focus (35.50). Resistance is 41.60/41.80 marked by the recent highs and the 61.8 Fib. A break above 41.60/80, would target former trend line support above 42.80.
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Oscar Goullet – @FXtechs
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