Crude Oil Update
WTI has a long history of affinity for Fibonacci retracement levels. It just touched the .618 retrace of this years move down. 1 yr. chart click to enlarge There is also the little issue of seasonality. click to enlarge And Hedge Funds have been piling in over the last 3 weeks. John Kemp of Reuters reports they are net long an additional 112 mml bbl wti= Brent on both Nymex and ICE. So on the downside taking out the Fib .618 retrace of the move up and break out to the upside around 51.15 will help sharpen things up. The risk of trading futures and options can be substantial. Trading foreign exchange and energy derivatives carry a high degree of risk, and may not be suitable for all investors. The above is merely an abstract theoretical discussion mostly for my own entertainment, not trading advice or a recommendation.