First of all plz see the Jan 30 post calling the bottom in at 43.58. And from Feb. 18 " Overlapping the low $50.81 negates that count and opens up a potential move towards the lower end of the range." Currently WTI may be subject to one more draft down to potentially print new lows by a hair. This would reflect the contango structure and the Fibinacci support around the 43.58 number. As stated before WTI risk is weighted to the upside.
Showing posts from March, 2015
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When Crude inventories are the highest they have ever been in 80 years, the EIA issues another unexpectedly bearish inventory report, and the crude market is basically unchanged, the message is clear; Buy! click to enlarge A break high on the day will likely take out the 50% retrace point, giving the bulls momentum and a test of the highs at 54. 90 comes into play.