Crude Rally Rejected at Fibonacci on First Attempt
Prepared by Jamie Saettele, CMT
“After falling short of the 86/10/84 objective, crude roared Thursday and completely erased Wednesday’s decline. The advance is the 4th largest of the year, behind 6/29, 7/3, and 8/3 (circled). The 6/29 and 8/3 rallies kick started larger advances. 7/3 gave way to consolidation but the low of that day remained intact. Thursday’s range can be used as a reference point to determine a bias.” Today’s rally triggers a breakout against the low but expect consolidation / correction of the decline from Tuesday’s high given the failure to close above the 38.2% retracement.
LEVELS: 8928 9031 9145 9286 9330 9553
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