1. A clear break of 58.2 would see the yearly high of 59.02 being tested
2. However even after OPEC's meeting and the supply disruptions in the past 3 weeks, prices couldn't break the yearly high set prior to the meeting thus my view is that 58.2 would likely hold
3. If this is true, a test of 57 seems to be the case after the X'mas holiday
* Any extreme...
Bearish butterfly seems to be forming on the weekly chart.
1. TP levels usually at 61.8% of CD (for conservative traders) and 127.2% (for aggressive traders)
2. TP could be at point B or C too depending on the technical analysis tools used
For those taking a long term view, it is indeed a good time to short now.
1. Conservative traders can short after support level is broken and a clear confirmation of a double top pattern.
2. Take profit levels can be at any Fibonacci support levels
3. Neckline is around 42 level
1. Pullback to 23.6% level tested
2. Likely will test 38.2% level these 2 days - can close of some short positions at 52.80-90s level
3. Overlapping Fibonacci retracement levels at 52.16 - can close off balance positions