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.
