WTI Crude: 1st Fibonacci Support At 5220/10 Is KeyTo Direction
Jason Sen | Jan 04, 2017 05:26AM ET
WTI Crude Oil first Fibonacci support at 5220/10 is key to direction. Holding here allows a recovery to minor resistance at 5280/90 but expect stronger resistance at 5325/35. Gains are likely to be limited & we could see a high for the day here. There is further short term resistance at 5375/85 so only above 5395 is more positive, targeting the LATE December high at 5437 & the December high at 5450/51.
Failure to beat first resistance at 5280/90 retests the most important support of the day at 5220/10. A sustained break below the October high at 5193 is a sell signal targeting 5155/50 then 5125, perhaps as far as 5090/80. Further losses test quite good short term support at 5030/20.
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