Crude Fibonacci Resistance in Play
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-Crude is coming off of a top that is accompanied by a sentiment extreme. In fact, COT remains pinned near record levels. The current juncture is even more important in light of the proximity of the 200 day average.
-Crude has traded back to the 61.8% of the decline from the April high. If crude is headed lower in the coming weeks, then this level needs to hold.
LEVELS: 100.39 101.14 101.51 | 102.65 103.78 104.53
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