CL Crude Oil analysis - ShortPrice this broke a 13 month Trend line support level, and is showing signs of a retest before what I expect to be a further push lower, beginning a downtrend. First off we see price may have found a short term bottom where price almost exactly hit a tight Fibonacci cluster zone (fib. ext. 150, fib. proj. 127.2, fib. retrac. 88.6). On the same day (5/5/17, NFP Friday) of hitting the fib. cluster zone, we see a quick reversal back up near the short term support break that occurred on Thursday. I'm anticipating price to move slightly higher, closer to the 38.2 fib retracement of the current down swing ($47.58) where I expect price to retest before moving down to continue the current downtrend. TVC:USOIL
