Green lines- Fibonacci extension targets
Recent price action gives us clues of a possible bigger reversal to the upside as price continues making higher lows. Price today is strongly positive above $91. Oil prices have formed a higher low at $82 area and if price breaks above October high of $93,63, then we should expect at least a similar to the first upward move rise, towards $100. At $100 we find the 100% Fibonacci extension target of the first leg higher from the $76.25 low to the October high of $93.63. As long as price is above $82, we expect Oil to reach at least the $100 price level.
The material has been provided by InstaForex Company – www.instaforex.com