OIL DOWN A SLIPPERY SLOPE FROM 29.13 TO 20.00, RANGE OR BREAK
19.30-29.13 THEN FROM 29.13-19.95 where to from here?
Option 1: X=19.30, A=29.13, B=23.50(50%), C=28.36(88%OF AB) & D=19.95 (88%*XA)... price can break below 19.30 for an extending D= 18.03-16.63(113%-127%*XA)
18.03-16.63 PROBABLE only on a break below 19.30.
OIL will be range bound from 19.95, upside resistance = 22.00-23.10, 24.20-25.15, 25.45-26.55 break out above 28.36 & 29.13, T1=29.83-30.63,T2=31.12-31.82, T3=32.52-33.95
Once the above T1 TO T3 PRICE targets are met expecting previous T2=35.00-36.30 OR T3= 41.30-44.70.
Option 1: X=19.30, A=29.13, B=23.50(50%), C=28.36(88%OF AB) & D=19.95 (88%*XA)... price can break below 19.30 for an extending D= 18.03-16.63(113%-127%*XA)
18.03-16.63 PROBABLE only on a break below 19.30.
OIL will be range bound from 19.95, upside resistance = 22.00-23.10, 24.20-25.15, 25.45-26.55 break out above 28.36 & 29.13, T1=29.83-30.63,T2=31.12-31.82, T3=32.52-33.95
Once the above T1 TO T3 PRICE targets are met expecting previous T2=35.00-36.30 OR T3= 41.30-44.70.
Comment:
double bottom tested, break to lower level in progress unless prices exceed above daily high of 20.70, expect market to be volatile.
Comment:
Quite slippery oil, the May oil future contract has been the best trade as it was beyond any technical analysis, it broke through all support level and went below "ZERO", Kudos to all that had the sell trade.
