Monday, March 15, 2010

WTI Consolidating

click to enlarge
The move down has pierced the month old support trend line, and appears to be consolidating.
There is a reasonable case that it is the beginning of a new structure down with the recent high finishing a complex move up lasting over a year.
Look to the Fib levels (82.12 above) for the tells.
On the downside, taking out the"-d-" low at 80.16 , ought to target 76.33, the 50% retrace of 69.50 to 83.16 as the next test.

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