Crude oil target printed
You may recall last November 3th blog post calling for a projected target for crude oil to 38% fibo retracement at around 70USD.
Well, we have almost printed that target (1USD off).
It looks like we now have reached a top and that we could soon revert the trend. The following charts are indicating a price exhaustion level both on monthly and weekly charts:
Here is last November call:
Crude oil en route to 38% fibo retracement at 71USD
We are expecting a minor pullback to 52USD level before crude oil continue to fibo retracement target 71USD, which happens to be the projected target following the break up above the wedge. There are some tough TDST resistance level to overcome but eventually we will print the 71USD target.
Trade well 😉
The pullback towards 52 USD level is expected to start very early next week: