On the 61.8 Fibonacci retracement of the last run up from 30 September – 8 October Light Crude OIL found it’s support today. After the bull flag breakout happening on the 5th October the pair had retraced all the way back into the support. Also it came into daily momentum support. It run up for a nice 110 pips, after that, price came into a dynamic support area and I decided it was time to take profit. From now on it’s important to see if the 61.8 level holds as support or if we will see a failed breakout and a move lower again from the 46.634 price.
Good trading. Always manage your risk exposure, by limiting your trading size and leverage, according to your account size.
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Wilco van Boxtel is Chief Currency Trader & Mentor at TradeReact. He has over 17+ years trading experience since 1998. Besides currencies he knows many other markets and assets. Now he is here to educate and inspire you to be successfull in trading too. Subscribe and follow his lead.