Friday, December 18, 2015

WTI Major Support

Been awhile since the last post, $11 ago in fact, but WTI is finally at major support that could well prove an important and long term pivot point, marking the end of this collapse.

The 2009 low was variously recorded as 32.50 to 33.20 depending on your charting service. So within 5% of historic support. And $147.27 x .234= 34.46



Note the repeated positive divergence on the RSI. Also significant drop in Open Interest.
Looks like 5 down to me.
Upside?
A modest .382 retrace of 114 to 34.50 targets $65
BUT and it sounds crazy BUT an ABC down complete would open up the possibility of new highs over 148...I know I know I'm going now.

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