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