Binary options on TOTAL S.A. (ADR) (NYSE:TOT) dropped below the $42.75 mark after the yesterday’s unsuccessful test to break through. The line acted as a support yesterday and represents the 127.2% retracement of the latest growth of the price between $43.27 and $45.25.
Right now the asset is staying put and is not showing a potential for a big price jump or fall. Binary traders might know that TOT is probably waiting for the oil prices to show some initiative. After binary oil decides on a direction, chances are that Total’s binary options will follow.
Nevertheless binary bears are taking advantage of the situation and are trying to push the price below the 38.2% support line of the Fibonacci fan constructed between $57.06 and $41.83.
If the bulls fail to respond properly, we might see the binary options slide down to $42.05, where the 161.8% retracement line of the $43.27 – $45.25 move is located. If the bears break through this support, the next downside target is located at the 38.2% line of the Fibonacci fan built between $46.71 and $43.27.
The information in this analysis is collected from different sources and should serve for informative purposes only. The author shall not be held responsible for the validity of the presented information. No part of this analysis recommends the purchase or sale of a currency pair or any other financial instrument.