USOil Tumbles to $28: Path Predicted by Fibonacci Clustering
Updated
My Fibonacci Clustering model reveals a potential downturn in USOIL prices to as low as $28 per barrel. This observation is rooted in the unique properties of Fibonacci sequences - their self-similar and repetitive nature often mirrors price action in a wide array of financial markets, including commodities such as oil.
Historical evidence supports the plausibility of oil prices plummeting to such lows. The oil price slump of 2016, which saw USOIL drop to below $30, demonstrated how market oversupply, geopolitical tensions, and shifting energy policies can dramatically impact oil prices.
Bear in mind that oil markets are influenced by a multitude of factors - supply-demand dynamics, geopolitical events, economic indicators, and even climatic conditions, among others. Thus, while the Fibonacci Clustering points to a potential downturn, this is just one piece of the puzzle.
Historical evidence supports the plausibility of oil prices plummeting to such lows. The oil price slump of 2016, which saw USOIL drop to below $30, demonstrated how market oversupply, geopolitical tensions, and shifting energy policies can dramatically impact oil prices.
Bear in mind that oil markets are influenced by a multitude of factors - supply-demand dynamics, geopolitical events, economic indicators, and even climatic conditions, among others. Thus, while the Fibonacci Clustering points to a potential downturn, this is just one piece of the puzzle.
Note
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.