Crude Oil at Major Decision Point
Chart Prepared by Jamie Saettele, CMT
-I wrote last update that “back and fill turned into a crude bloodbath and 51.60s didn’t do anything! The 61.8% if the run-up is 49.62. That level probably needs to hold if crude is still a bull.” The Fib has failed to hold which is a warning that all is not well. The trendline is the bearish trigger and has yet to break (nearly tested today). Also, the 200 day average has been useful for years and price is back at the level again. Since August 2016, the dynamic has been for price to drop below the average and then turn higher. Look for crude to resolve the dilemma soon.
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