Tech Talk: WTI on launch pad by ProQuest


Front-month WTI crude oil has traded pretty well within the Fibonacci levels of the major break from 2008-2009. It currently is finding some resistance at the $103.50 area, which is the 61.8% retracement of that move. The 61.8% level becomes particularly important because it held the 38.2% retracement of the same move twice in the second half of 2011. The weighted moving average cross has been a good indicator of potential acceleration and is turning more positive, even though fundamentals may read differently.

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