Update on crude oil target to 38% fibo retracement

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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:

Monthly chart:
Crude oil target printed

TD sell setup completed on monthly chart

Weekly chart:
TD Combo sell signal - weekly chart

TD Combo sell signal – weekly chart

 

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 😉

towards 38% fibo retracement - Crude oil

The pullback towards 52 USD level is expected to start very early next week:

short term pullback to 52 level


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