This price zone coincides with the .50 fibonacci retracement of the wave following wave C's completion. This area has proven as support for over a year. Considering that low oil prices hurt the economy of many countries around the world, could be safe to assume a cooperative effort will take prices higher
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Bouncing as predictedTrade active
Saudis want OPEC to extend production cuts
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Like, comment or follow if you like my ideas!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.