USOil Technical Analysis - Crude nears important Fibonacci convergence zone
6 November 2014, 06:20
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- Crude cracked the 2012 low yesterday to trade at its lowest level in three years
- Our near-term trend bias is lower in the commodity while below 82.80
- A convergence of the 50% retracement of the 2008-2011 advance and the 200% extension of the 1H14 range around 75.50/74.80 is the next major downside attraction/pivot
- An important turn window is eyed around the latter part of the month
- A close over 82.80 is needed to undermine the immediate negative tone in Crude
Crude Strategy: Like the short side while under 82.80
| Instrument | Support 2 | Support 1 | Spot | Resistance 1 | Resistance 2 |
|---|---|---|---|---|---|
| Crude | 74.80 | 75.50 | 77.15 | 79.60 | 82.80 |
