Crude Oil coming up on major inflection

2 июн. 2021 г.

Crude Oil is coming up fast on a major inflection level after breaking through the 52 Week High Yesterday. This level also happens to be the .618 Fib level drawn off of the ATH on July 11th of 2008. When we reach this level, I will be waiting to see how price reacts. If it rejects off of this level, there is a good chance it retraces to .618 off the low in April 2020, which would be the .236 off of the original Fib. This area has already acted as a prior major support and then as major resistance upon the break to the downside. In the shorter term, I have no doubt we will get to that level, so a long wouldn't be misplaced in my opinion, so long as you scale out of the majority of your postion prior to 74.85ish area. From that point on though, it would be wise to keep a close eye on CL and jump on board to the downside if the opportunity arises.
Good luck everybody