Johnkiew
Long

Crude Oil - Rebound but not reversal

NYMEX:CL1!   Light Crude Oil Futures
In yesterday post, the projection target was 69.48, when price reached this target, the selling remain strong and approach the next target 68.38 last night. The second price target correctly measure the entire downswing (on the right chart). Also in the left chart, price rebound from major fibonacci level 68.54. Two different ways of projection found the same confluence zone indicate significant price level.

If the rebound continue from yesterday low, price is approaching 68.88 to 69.20, if price trade beyond this range indicate stronger rebound.
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