Prices continue to trace out a Triangle chart pattern above support at 3.696, the 38.2% Fibonacci retracement level. While the setup is typically indicative of trend continuation, which in this case would be a bullish development, confirmation is needed on a break of either of its boundaries before firm conclusions can be drawn. Near-term support is now at 3.770, while resistance stands at 3.893.
WTI Crude Oil (NY Close): $103.02 // +0.24 // +0.23%
Last week, prices completed a Descending Triangle chart pattern with a break through support at 104.75, the 38.2% Fibonacci retracement level, implying a measured target at 99.57. An inverted Hammer candlestick above interim support at 102.97, the 50% Fib, hints a near-term bounce may be ahead to retest 104.75 before the larger down move resumes.
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