Oil Daily Chart Price Analysis 1 year 61% Fib Retracement

FX:USOIL   Crude Oil (WTI)
109 7 0
From the low in March 2013 to the high of September 2013 - gives us a little over 1 year for our high to low Auto Fib Indicator to plot the levels between shown on the right. 61% 102.05 is the current zone and resistance today. F0% 85.61 being the low - f100% 112.21 being the high. So we are above 50% of the market range based on this period.

Looking at the red and blue levels of support and resistance its quite easy to see that the market has a range structure from 104 to the 100 region - with out being too precise - 102 seems to be the middle of this zone...

So is this a 50/50 probability from here - will oil             sell off to the 100, 98 zones before going to the 104 areas...
Perhaps we will have to wait until Monday/ Tuesday to see.

The 50% fib level is 98.91 one could anticipate a retest and re-establishment of this level as support in the future - if price does not head towards the f76% zone 105.93. None of these prices would be record highs or lows looking back historically. Oil             ranging around 130 ticks per day and 250 per week could easily reach these levels next week.

One can at least speculate and put into place a plan for how to trade either eventuality from here.
Looking at the price cycles of small congested to larger trending bars... could be a help when congestion occurs along one of the levels of support and resistance - expect a breakout and try to align this with the session open breakout to get in at the start of the trade on a trading time frame chart - such as a 15 or 30 minute intraday chart -with the commercial order flow pushing the trade.
Your script cannot be use by other. Is it the meaning?
microtrends PRO sublimares2
In the current script ... default its set so 100% is at the high 0% at the low.
sublimares2 microtrends
your script cannot be copied since is used: not authorized and locked :)
microtrends PRO sublimares2
Hi. Yes it is a locked script. A part of a suite of indicators we developed with TradingView which can be leased from the indicators market place section
sublimares2 microtrends
I see- would have been nice to have a notice of locked script on it:)
microtrends PRO sublimares2
ok we will need to look into that. Thank you for the heads up
looking that indicator and post title i realised that might cause some confusion- the way the plots work the high is always 100%, low 0% and so the level discussed was 61.8% as marked on the indicator
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