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Making Sense of the Narrow Trading Range in Oil
We previously wrote that while it was tempting to bet on crude oil's prices due to their weakness, it was not a good idea from the risk to reward point of view, as black gold didn't invalidate the breakout above the early-March high. And it was definitely a good idea not to enter a short position then either - crude oil moved higher since that time. At the moment of writing these words, crude oil is attempting to break above the previous highs after verifying the breakout above the 50% Fibonacci retracement level. It also bounced off the mid-March highs and the lower border of the price gap, in which it's currently ... (full story)