Oil Back Below 50%:
Oil futures gave back the 50% mark Friday, after Saudi Crown Prince Salman talked down chances of a coordinated supply freeze. A top appears to be in around 41.80 and bears will be looking to re-test the multi year lows over the next few weeks.
Initial support is the 38.2 Fib at 38.30, with a break below there targeting former resistance around 33.70 and the 23.6 Fib at 31.88. Resistance is the 50% mark at 38.30, with a probable top beyond there at 41.80.
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Oscar Goullet – @FXtechs
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