Oil Burns up Overnight – Top in Place?
Dark Cloud Cover on crude oil at key resistance confluence suggests the top may be in. Crude futures set a new high overnight, before being firmly rejected at 50%/former support/channel top confluence around 38.45.
Initial support is 35.50, marked by the 38.2 Fib and the channel bottom which supported price through February. A break below there would target the 23.6 fib at 31.90. Alternatively, a break above yesterday’s high and the 50% mark at 38.45, would target the 61.8 Fib at 41.40.
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Oscar Goullet – @FXtechs
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