MaryJane
Long

Time again for a little Rebound

NYMEX:CL1!   Light Crude Oil Futures
591 10 22
Crude is oversold! Between 35.20-36.5$ I exspect a little Rebound up to 37.6, than perhaps overshooting till 40/42$.
Comment: Rebound Target 1 @ 37.6$ rechaed
Comment:
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This fist move reachd to the minimum fibo correction level 38,2
The max. level could be 39,20$
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1-2-3?
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Is here the buying candle???
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smitheric1970 PRO smitheric1970
Oh ya I got squeezed... Nicely done dir!
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MaryJane MaryJane
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Y€$$$ it was a buying candle...
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Always look forward to your analysis, thank you! I have a slightly different view on the lower trend line and although it seems aggressive, I think there's a good chance prices may try to get a hair below the 2009 lows prior to the hike decision and head down to 31.7-32.2 level this week... I agree on a possible retrace to the 38 level though, I believe the overall process is looking to create resistance at 38 to initiate the longer term bottoming process.
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MaryJane smitheric1970
thx a lot for yout thoughts....this sounds very plausible..thx!
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MaryJane MaryJane
a dip below the former 2009 low as a bear false break out and than a Little fast shortsqueeze
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MaryJane MaryJane
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an overshooting selloff can reach up to 25$ as worst case Szenario....hmmmmmmbut it only a technical view...
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