coondawg71

Crude WTI; CL1! making a turn?

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 pitchforks 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.
It does seem to have found a floor around the $80 level. I favour upside in the short term. It also closed above the SMA 7 and 30 which certainly bodes well for the upcoming sessions.
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Updated: January 8, 2015 price is supported by 7.0 deviation.
+1 Reply
IvanLabrie PRO coondawg71
Looks good, drop has been monumental driven by the saudis...
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