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.

Now 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.