NYMEX:CL1! Light Crude Oil Futures
Question is which way. Daily price action this week has found itself extended past a Fib level of 2.618, yet bouncing off the 3.14 (Pi) level AND past a very strong point of magnetic force, both 2.618 deviations have already crossed and it appears price is trying to respond by changing its trend. So it is trapped and basically waiting for direction. With it being sold off so heavy, it could make a run back up to the 84.09 level where we would reassess the situation. Closing above the 84.09 price level opens the door to a dramatic rise back into the $89.27 price, then the $90 handle, specifically 91.46 then 95.64. Next point of magnetic force occurs Nov. 3, first trading day of November.