Tuesday, February 22, 2011

WTI

Whew. Where to start?
 Very short term, April has a gap to fill down at 95.47 from the overnight trading. Pit trading hours, Mar  has not made a new high on the "spot mo." chart vs. 92.84 and the strict spot month chart roll could produce a serious gap. Of course on Globex all hours , everything is in new high territory and through the 50% long term retrace point.  Should prove an interesting expiry.
Active Mo
click to enlarge

Intermediate and long term this move up is a "B" wave retrace of the $114 impulse wave down from 147.
Clearly the next obvious Fibonacci resist and target is the .618 at 103.22 on the spot month chart.
Just over that at 104.34 is the -C- =.618 0f -A- .
Please note on the above active mo. chart the -C- = 50% of the -A- at last nights highs.



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