The fork from the 2008 bull run was too steep to hold up. However, the recent run seems a much more sustainable grade, and lines up well with past moves. Perhaps the fork channel widens more here soon, but this looks about right here. The fibs are pretty close. I doubt we see $50/brrl again soon. Should stay above the median for quite some time.
Note
The fibs are updated here and I had to use the colors of the fibs above it, so maybe confusing, but it bounced off the .125 fork fib. If it fails it, median is $69.
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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.