Update on Oil: Nov 13, 2014

Last time we updated the oil charts was about a month ago [see: Oct 14 update], at which time it looked like crude light was heading for the .618 Fib at 64.38, with a potential bounce at the .500 at 74.02.  Well… today, CL reached 74.07.

2014-11-13 CL daily 1300Now that the market is closed, and the news is that Halliburton is purchasing Baker Hughes, that bounce is looking like a good possibility.

However, the better target remains the .618 at 64.38, as the chart below shows.

2014-11-13 CL weekly 1300

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