Bullish Fibs Upmoves in Oil - Now, Needs to Defend 61.8% Line

Oil has held bull fibs since Feb 1. The 3 previous fibs are documented and highlighted on the chart. We have been in a wide-range pattern for the past couple of weeks, threatening to keep and hold yearly highs, only to fall back down. Now, it is facing it's biggest test in the upmove, with two different saves at the 61.8% line over the last week. Given the dynamics of the recent down move, I expect this 61.8% line to be challenged early on Sunday night / Monday with a break of 40-60 cents. If we can hold those level above and regain this 77.60 level, I do anticipate a big move to new highs in oil, ALL THE WAY UP TO 82.11.

Comment:

We have traded lower here. The dip may be bigger than I initially believed. I think shorts can target 75 - 75.50 before we get teh eventual bounce to new highs. Hold those shorts from this evening.