Oil Sell-off Almost Complete
Stalking a very nice setup here on UK Oil...
Starting with the first fib anchor point at the swing high of 86.69, the yellow circle highlights a distinct candle pattern that qualifies as a midpoint (place 50% fib here). Target zone for considering the sell-off complete and consider getting long is 69.20 and slightly below.
As secondary confirmation that this fib setup has legitimacy, look how well price respected the other fib levels (which just land where they may when placing the 50% fib through the midpoint first and foremost)
Similar setup in WTI as expected
Starting with the first fib anchor point at the swing high of 86.69, the yellow circle highlights a distinct candle pattern that qualifies as a midpoint (place 50% fib here). Target zone for considering the sell-off complete and consider getting long is 69.20 and slightly below.
As secondary confirmation that this fib setup has legitimacy, look how well price respected the other fib levels (which just land where they may when placing the 50% fib through the midpoint first and foremost)
Similar setup in WTI as expected
See heating oil trade posted next