Update on Oil: Dec 9, 2014

On Dec 1, Crude Light Oil came close to but didn’t quite tag the .618 we’ve been watching.

2014-12-09 CL daily 0530Our Fib grid had been placed slightly off.  Today marked a solid tag, meaning we should now get the significant rebound we’ve been expecting. 2014-12-09 CL wkly 0530A sustained drop below the white channel bottom, on the other hand, would be extremely bearish and a clear signal to short oil.

Comments are closed.