Crude oil under pressure

NYMEX crude oil had formed a sharp pull-back. It had retraced 61.8% of the previous fall. From that key Fibonacci level the oil had started tumbling. However, bears couldn’t breach the crucial weekly moving averages. On the other hand, they have been defending the Golden ratio mark. Structurally the oil seems to have taken the form of a distribution triangle. The pattern remains valid as long as the high of $105.22 holds on a closing basis. The key support is at $101.90, ie the key daily moving averages; below that $100 will be the target.


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