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Crude Drops Sharply after Fibonacci Test

Crude Drops Sharply after Fibonacci Test

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_oil_body_crude.png, Crude Drops Sharply after Fibonacci Test

Prepared by Jamie Saettele, CMT

I wrote yesterday that “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.” Crude dropped over 2% today. Watch the short term channel for support moving forward. The line crosses about 8520 on Wednesday.

LEVELS: 8449 8555 8685 8835 8930 9026

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