Buying Opportunity At 9200/70 Support
CommodityOnline | Nov 28, 2013 05:48AM ET
WTI Crude tumbled to strong weekly support at 9200/80 for a buying opportunity. This has been our target for a few weeks now & finally it has been achieved. I don't need to tell you that we are calling an end to the 3 month correction here.
However be aware that a break below 9120 risks a slide to strong weekly Fibonacci support at 9055 where we could see a spike higher & hopefully hold back above 9200. If 9177 does mark the low for the 3 month bear trend as expected we look for 9265 today & possibly as far as 9330/40. Short term this should hold a move higher but a break above 9375 keeps bulls in control.
Weekly outlook: Positive price action last week may have signaled an end to the 3 month correction. However below here this week the 200 week moving average & 17 month trend line support at 9200/70 is a buying opportunity.
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