Investors may want to keep a close eye on this chart
Crude-oil prices rallied early Monday to levels not seen in at least seven months as geopolitical tensions continued to boil over following last week’s killing of Iranian general Qassem Soleimani at the hands of a U.S. drone strike.
“Oil prices are back at a familiar resistance level, a price area that has been tested on two other occasions ,” he wrote in a blog post on Monday referring to this chart: Followers of the Fibonacci ratio of 0.618, also known as the “golden” or “divine” ratio, believe a retracement that surpasses 61.8% of the previous downtrend suggests the rally is no longer a function of the previous trend; basically, a new trend has begun. Click here for more on Fibonacci.
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