On WTI oil chart you can easily see that lately oil is in uptrend. Of course this has something to do with Iran, but let’s stick to Fibonacci numbers. On daily chart we saw a nice move back to 38.2% retracement level. Since then oil is moving up and is at 103$ again which is a strong resistance.

WTI Oil daily fibonacci chart

WTI Oil daily fibonacci chart


If it is not going to hold, there may be some strong move up, which is easy to spot on weekly chart. Above 103$ there is no major resistance up to 115$ which is also a place of 138.2% extension level. That is why 103$ level is so imoportant.

WTI Oil weekly fibonacci chart

WTI Oil weekly fibonacci chart

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