Oil Reaches Decision Zone at $59 & 50% Fibonacci

Chris Svorcik Elite CurrenSea

Oil is in a bullish channel but a strong 50% Fibonacci level could stop the trend from moving higher. The resistance level is a key decision zone for a bearish bounce or bullish breakout.

US OIL

Daily

A bearish bounce could confirm the current wave pattern outlook, which is a wve 4 (pink) retracement within the downtrend. A bearish breakout below the support (blue) of the channel could send oil back lower (orange arrow). A bullish break above the 50% Fib however could indicate that a different wave pattern is more likely.

4 hour

Oil is showing bullish momentum, but if the current wave outlook is correct, then this could be the final push higher as part of a wave 5 (blue) of wave C (purple) of wave 4 (pink). A break below the channel could indicate a change of price direction and take price back to the bottom of the larger channel.

The analysis has been done with the CAMMACD.MTF template.

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Author

Chris Svorcik

Elite CurrenSea

Experience Chris Svorcik has co-founded Elite CurrenSea in 2014 together with Nenad Kerkez, aka Tarantula FX. Chris is a technical analyst, wave analyst, trader, writer, educator, webinar speaker, and seminar speaker of the financial markets.

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