Feb 5, 2013
WTI trading at $96.95/bbl
Crude oil’s reversal from a fresh high at 98.22 extended losses through the 96.50 support, only to find a footstep at 95.90, where the basing attempt is evident on a strong recovery above 96.50. According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., “The current action could be seen as corrective, while the 97.00/30 (50% / 61.8% of 98.22/95.90) slide should stay intact, as strong bearish momentum is indicated by yesterday’s long red candle that followed last Friday’s Doji.”
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