An Empirical Analysis On Fibonacci Theory With Reference To Crude Oil In Commoditty Market

Abstract

Fibonacci Tool helps to analyse and predict the crude oil by its behaviour. It shows the accuracy in predicting the price target of buying and selling of crude. Here, I have justified the three approaches (i.e. upward, downward and consolidation approaches) by using the Fibonacci Retracement, Fibonacci Arc and Fibonacci Fan methods to analyse the trend, price target in both buying and selling of crude in the market and it also proven arithmetically. The Secondary data were collected to analyse about the support and resistance level. From this project, we can eliminate the risk on investment and also helps to predict and identify the support and resistance level of the crude oil from its movement in the market.