Crude oil near Fibonacci support

31 March 2021

Crude oil has been trading in a higher top higher bottom formation suggesting the trend to be positive in the near term. However it has experienced correction since early March and stands at the 61.8% Fibonacci support of the rise seen from 22nd January to 8th March indicating a rebound in the offing. It would be prudent to say that Crude oil could advance towards 62.50 and 64.00 while it sustains above 58.00.

Prepared by
Technical Analysis Team

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