WallStScalper

When USOIL SNAPs Back you'll "Dance to the Rhythm"!!

NYMEX:CL1!   Light Crude Oil Futures
1791 1 17
Almost there ... have your dancing shoes ready!
The question is...... at fib 78.6 or the 88.6 fib retrace?
I'd say we'll very soon see a bounce (remember it's a monthly chart) and a possible retest a little lower at around 42.
BUT could make a possible bottom here.

The instrument is right now more oversold than ever before when looking at the the monthly RSI but a flattening has started.
For finding a similar oversold situation you have to go way back - to the 86 crash to see same RSI level.
Safe trading ladies and gents!

@BLawrenceM

Music at work
https://www.youtube.com/watch?v=OYpUdiiNNmA
http://open.spotify.com/track/5iEDwEp82uLN3X6llJdqen

If you find my charts useful - consider following me on Twitter.
I do updates there on my TV-published charts and annonces quick scalp plays all day long.
It was the 88.6 retrace...and I see the bottom is in.
+1 Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out