CRUDE OIL: Turns Lower On Correction, Eyes Its .50 Fib Ret
January 27, 2014 7:59 pm
CRUDE OIL: With its bullish offensive cut short following a two-day weakness, further decline cannot be ruled out. On further decline, the 94.51 level, its .50 Fib Ret (its 91.27-97.24 move) will be targeted where a violation will aim at the 93.74 level, representing its .618 Fib Ret. Additionally, support comes in at its psycho level located at the 93.00 level and subsequently, the 92.50 level. Its daily RSI is bearish and pointing lower supporting this view. On the other hand, Crude Oil will have to break and hold above the 96.25 level, its Jan 24 2014 low. Further out, resistance resides at its Jan 23’2014 high where a breach will resume its broader upside towards the 98.18 level, representing its 200 ema and then the 99.38 level, representing its Dec 31 2013 high. All in all, Crude Oil remains biased to the downside on corrective pullback.
CRUDE OIL: With its bullish offensive cut short following a two-day weakness, further decline cannot be ruled out. On further decline, the 94.51 level, its .50 Fib Ret (its 91.27-97.24 move) will be targeted where a violation will aim at the 93.74 level, representing its .618 Fib Ret. Additionally, support comes in at its psycho level located at the 93.00 level and subsequently, the 92.50 level. Its daily RSI is bearish and pointing lower supporting this view. On the other hand, Crude Oil will have to break and hold above the 96.25 level, its Jan 24 2014 low. Further out, resistance resides at its Jan 23’2014 high where a breach will resume its broader upside towards the 98.18 level, representing its 200 ema and then the 99.38 level, representing its Dec 31 2013 high. All in all, Crude Oil remains biased to the downside on corrective pullback.
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