Oil chart H4 TF - Fibonacci retracement levels
In this example, we see a potential continuation of the bearish trend.
By setting the Fibonacci retracement level, we see that the pullback stopped at the 61.8% Fibonacci level.
The oil price at that place formed a new lower high, and after that, the price continues to fall.
The next very important level is at 38.2% because if the price breaks through that potential support, then is a higher probability of reversing the trend (in this case, on the bearish side).
After forming a lower high, we can set another Fibonacci retracement level.
We also pay attention to the 61.8% level as potential support before the price tests the previous lower low.
In this bearish setting, our first target is the previous lower low, and the next target is at the -27.2% level of the first Fibonacci setting.
By setting the Fibonacci retracement level, we see that the pullback stopped at the 61.8% Fibonacci level.
The oil price at that place formed a new lower high, and after that, the price continues to fall.
The next very important level is at 38.2% because if the price breaks through that potential support, then is a higher probability of reversing the trend (in this case, on the bearish side).
After forming a lower high, we can set another Fibonacci retracement level.
We also pay attention to the 61.8% level as potential support before the price tests the previous lower low.
In this bearish setting, our first target is the previous lower low, and the next target is at the -27.2% level of the first Fibonacci setting.
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