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Crude Holds Fibonacci Support; Testing Resistance Now

Crude Holds Fibonacci Support; Testing Resistance Now

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_oil_body_crude.png, Crude Holds Fibonacci Support; Testing Resistance Now

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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Commodity Analysis: “Given extremes in Crude COT and the fact that the recent rally failed near the 2012 high, I’m finding it difficult to treat the decline from the recent high as a 4th wave. The decline appears to be unfolding in an impulsive manner as well. Estimated resistance is 105.44.” Price has tested 105.40. Still, it’s only been 1 day since the low and the decline took 7 days. In other words, I’d expect a bit more back and forth up here even if the rally is corrective.

Commodity Trading Strategy: Flat

LEVELS: 99.19 100.68 102.11 105.44 106.51 107.53

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