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Crude Reacts at Fibonacci Level

Crude Reacts at Fibonacci Level

2012-07-30 19:37:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_oil_body_crude.png, Crude Reacts at Fibonacci Level

Prepared by Jamie Saettele, CMT

The most recent comments were that “crude is constructive as long as price is above 8803. A drop below 8803 would leave the advance from 8685 as a corrective 3 wave rally.” The rally has stalled right at the 61.8% retracement of the decline from 9323 which is reason to be cautious. Conviction on direction is low.

LEVELS: 8684 8803 8902 9086 9321 9521

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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