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4 Feb 2013
WTI trading at $96.64/bbl
Crude oil’s near-term consolidative range at the 96.50 zone (50% of 94.95/98.22 upleg) was threatened as the negative near-term structure drives the price lower. According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., “The upside remains capped at 90.30/50 area, where the 30 January high, along with 23 August 2012 high and Fib 61.8% expansion of the wave from 84.05 lie.”
With the 4h indicators entering negative territory, a further retracement could be anticipated. Indeed, a slide below 96.50 is needed to confirm the completion of failure swing and open 96.20/00 (Fib 61.8% / round-figure) mark, ahead of key near-term support at the area of 95.50/00. At the time of writing, WTI crude has settled in the region of USD $96.64 Monday.
With the 4h indicators entering negative territory, a further retracement could be anticipated. Indeed, a slide below 96.50 is needed to confirm the completion of failure swing and open 96.20/00 (Fib 61.8% / round-figure) mark, ahead of key near-term support at the area of 95.50/00. At the time of writing, WTI crude has settled in the region of USD $96.64 Monday.