LIGHT CRUDE OIL May Contract
Buyers turned their backs on oil yesterday after it failed to break through 51.80. The turnaround gave sellers a chance to strut their stuff and declines were posted to 48.40.This morning has seen another wave of selling to 47.55 which has currently held. There is a little further to go on the downside as sellers see 46.75/61 as a challenge and buyers stay to the sidelines awaiting direction. At 46.75/61 profit taking and fresh buying will be observed. This level is also the 38.2 Fib retrace target, so although Oil is lower it hasn’t as yet broken through any support levels that would suggest the recent bull move is complete. Back above 47.65 would help buyers make the choice to buy looking for a move back to the break point of 49.80/85
Support
46.75/61**/46.11/45.56/45.15/44.70/62/43.62/43.16/42.51
Resistance
47.65/47.94/48.03/48.40/49.40/49.80/50.25/51.20/51.80
Today’s Pivot Points
53.21/51.18/49.79/47.76/46.37/
SHORT TERM HOURLY FIB RETRACEMENT LEVELS
49.06/49.86/50.57/51.28/52.08
LONGER TERM DAILY FIB LEVELS
49.40/46.61/44.11/41.61/38.82
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