WTI Fibonacci Support Resistance Zones: Crude Oil as of Jun 24

已更新

These zones are calculated using Fibonacci Ratios of past price moves.
Fib extensions and retracements are projected forward in time and price.
If price bounces or reverses, it will probably do so at one of these zones.

I found a way to make the zones go back to origin point.
So some of the recently created zones will only go back a few hours.
The longer (time period) that a zone is, the larger time frame that Fib covered

As well, I have left a couple of the recent Fib extensions used as examples.
My complete chart has so many lines one can hardly see the price.
So for actual trading, I use this simplified chart as the guide for support/resistance .

I will update as new zones are defined by upcoming Fibs.

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Crude Oil is noticing every Fib zone/line perfectly.
Various OPEN news (good/bad) flipped the sentiment around,
but the price has no choice but to reach for the 'next' band with each turn in sentiment.

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Some OIl news (Trump wants Iran's oil boycott).
Thinking price will break through this band and test the one above.
Will be watching for a short at the next band up.

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woah, instant jump to next band.
Watching behavior around these lines.

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going up.
The news effect pushing pretty hard.
$70 psych level next, but not much for fib zones around it, until 70.48.

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$70 broke pretty easy, and retested.
Goes to show, if the Fibs have not indicated importance, it probably aint.

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As expected, the next band above $70 round made it presence felt.

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Price is now between .764 and .786 retrace zone.
This is the crucial decision point going forward.
I am watching for a possible short here, but still risky given the news.

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Just noticed that Oil has not only hit the 786 retrace,
but has hit the 2.618 extension of the impulse up today.
Contemplating a scalp short real soon

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Here is an observation about fibs from several days ago.
Important zone coming into play again.

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I know this chart originally looked like it has a ton of lines.
Yet, all were derived from Fib resonances, and during consolidation the bands get crowded.
BUT, notice the wide open space I had in original chart (70.38-72.00) , which was crossed very quickly and kept going to the next strong bands near $73.00.
THAT is the proof that Fib Resonances ARE valid, just dont trade while in a jungle of them. Looks for the clearings. I did scalp a long on that jump, but am a bear so not holding and looking for a short very soon again.