graham.edwards84

Crude oil target low - WTI will reverse

NYMEX:CL1!   Light Crude Oil Futures
It's likely the target low is the 200 MA on the 2 month chart. It reversed from the 200 MA on the one month chart. So we're looking for a reversal around the 44 dollar mark but we would expect a shadow candle to go through so maybe 40 dollars tomorrow before the rate announcement. After that we are expecting a reversal regardless of the decision. We think this US dollar markett has already priced in the rate hike and is now just looking for a catalyst basically to reverse on. CL has been tracking a fairly standard fib pinball game from its all time high. Once the rally gets underway 90.00 for a high is not out of the question but it's a bit too early to predict a top.
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