61.8 Crude Oil Fibonacci Expansion Level

We useFibo expansion areas to estimate where the oil trend movement will reach. There are 2 important Fib expansion levels: 61.8% & 100% Oil Fibo Expansion Levels, these are used for profit taking.

61.8 Crude Oil Fib Expansion Level

61.8 Oil Trading Fib Expansion Level is the most commonly used oil profit taking level when trading using the Oil Trading Fibonacci Expansion Oil Trading Crude Oil Indicator.

To draw Oil Trading Fibonacci Expansion levels on the oil chart we wait until the crude oil price retracement is complete and the crude oil price starts to move in original direction of the Oil Trading trend. Where the crude oil price retracement reaches is used as chart point 3. Oil Trading Fib Expansion Technical Indicator is drawn using 3 chart points as shown and illustrated on the crude oil trading example explained below of how to draw the Oil Trading Fibonacci Expansion Tool.

The Fibonacci expansion example explained below shows the 3 Chart Points where the Fibonacci expansion technical indicator is plotted, marked as Chart point 1, Chart point 2 & Chart point 3.

Chart point 1 is where the oil trend started, Chart point 2 is where the oil trend pulled back and retraced & Chart point 3 is where the oil retracement reached as displayed on the Oil Trading Fibonacci Expansion Indicator Tool example explained below.

The First Oil Trading Fibonacci Expansion Level is 61.8 Oil Fibo Expansion Level shown Below Used to Set Take Profit Oil Trading Orders

Oil Trading Fibonacci Expansion Level is 61.8 Oil Fibo Expansion Level shown Below Used to Set Take Profit Oil Trading Orders

Please note where these Oil Trading Fib Expansion zones are drawn - Oil Trading Fibo Expansion zones are plotted above the Fibo indicator, these are the chart points where a trader will place the take-profit orders using these Oil Fibonacci Expansion Levels - 61.8% Oil Fib Expansion Areas.