Here is the selling projection using fibonacci spiral, the recent low 69.08 reach 6 multiples of 1.618, which seen a slight rebound. You may see the same alignment at 4.236 and 17.942. For sure these ratio are not the usual fibonacci extension that people are using. The underlying power of Fibonacci spiral can only be utilize when 1.618 is use in an expansion way. Wish we will talk this more in dept in the future.
As long as price stay below 69.79, and break lower low 69.08, price is heading 67.64.
As long as price stay below 69.79, and break lower low 69.08, price is heading 67.64.
Comment:
Yesterday projection remain intact, price moving lower low lower high. While trader please aware of tonight Oil inventory changes data at 11:00 pm Malaysia time.
Trade closed: target reached:
Price reached earlier projection 67.64 with concern on demand after data released last night. Price rebound from minor down swing structure with projection at 67.22.
The current price structure in correction size between 68.25 to 67.77. If price stay below 68.25 price remain bearish.
The current price structure in correction size between 68.25 to 67.77. If price stay below 68.25 price remain bearish.
