Crude oil has been trading in a higher top higher bottom formation on the daily as well as the weekly charts indicating the trend to be bullish in the near term. In the past couple of days crude has witnessed correction which seems to be organic, further it is approaching the 23.6% retracement level of the rise experienced from 5th January to 8th March. It is likely that crude could rebound towards $64.50 and $66.00 while it sustains above $62.60.
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Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.
Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.