Crude Oil Collapses To Lower Targets

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May 3, 2016 12:10pm NYSE:USO

oil etfsCorey Rosenbloom:  Though rallying to the $47.00 per barrel short-term target, Crude Oil reversed lower with a multi-day retracement and gap-down this morning.


We have new levels to watch for targets and possible bounce points, as seen in our grid below.

Here’s today’s updated Fibonacci trading levels for your trades in Crude Oil @CL:

To compare Oil’s Levels with the @ES S&P 500 (e-mini), take a look at this morning’s update.

For Crude Oil – as stated this weekend in the strategy update to members – we were expecting a retracement “down away from” the $47.00 per barrel level.

So far, that’s precisely what we’re seeing as a negative momentum divergence developed into this upside target.

Price gapped down into the first target at the 38.2% Fibonacci Retracement at $44.13.

We’re now seeing a collapse down – along with stocks – to the 50% Retracement at the $43.30 level.

We’ll focus on the $43.30 pivot and if price fails to bounce here (as would be logical), then we’ll target a move back to the prior low and Fibonacci Pivot Level exactly at $42.50.

This article is brought to you courtesy of Corey Rosenbloom from Afraid to Trade.


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