WTI Fibonacci Support Resistance Zones: Crude Oil as of Jun 17

Updated

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.

Some zones will match previous highs and lows, since Fibs are derived from the extremes.
Some zones will not match anything previous, but they are Fib multiples and THOSE are the important ones.
Zones that are far from current price will be either WIDE or just a LINE. Just a line indicates important Fib Ratio.

Where prices overlap on the zone lines, drag the Right (price) Axis up to magnify and reduce overlap vertically.
There are zones above and below the current price range, Drag the Chart up/down to see other zones.
Drag bottom axis to the left to magnify the candle size to view close up, or to the right to view larger time frame.

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

Note

1 min chart LOL, but notice the price action.
Sometimes I wonder if I have too many zones.
Then examples like this make me put them on as I see them
Notice the delicate dance between the two zones close to each other.
Then a sudden drop, to the next zone down.
interestingly, bulls bounced it 2 cents above the zone.

If it bounce back up to the zones above and keeps going, that is a good clue of a temporary reversal.
If it peters out and comes back to the zone below, I expect that lower zone to break next time.

Note

Looks like we are headed back up to the zones above

By this time, I have been checking possible fibs.
Question is, WHERE to draw the fib?
Like the PURPLE one or the ORANGE one?

They both look viable, and the pin bars between the Purple .705 and the Orange .618 seem to indicate a couple of frequencies at work.
Regards, that Red zone (temporay) is now by threshold. Does price stay under or not?

Note

''I aint dead yet'', is what Oil is saying to me.
Still, BOTH of those little lines are being noticed.
Which harmonic wins might be deecided by grey zone above (from much larger TF fib)

Note

Looks like Orange Fib was the winner,
Gave it a nice boost of the .786 after having crossed the gray resistance zone.

Note

I guess there was news from OPEC.
Now looking for EXTENSIONS, so try and gauge the waves and their strength.

Note

And the up move continued most of the day.
Notice how price jumped from one band to the next, without spending much time in between.
Now it is consolidating at this higher energy band before next decision.

Note

My last chart pic above definitely caught the local top.
Now Oil is stepping down through the zones.
But notice that one lonely little line at 65.20 held it just now, even though it was heavily traversed earlier in day. (low volume now, but shows how each resonance is always playing part, just a question of how big the flood is

Note

Looks like London just bought some at $65.09
Why 65.09 (not 65.00 or 65.05)? Cuz the Fib drew the line in sand.
But still looks week, AND there is a wide open space below that might need testing.
So if bear scenario is to continue today, I could imagine something like this:

Note

Looking about as I thought

Note

Got a little above my plot, but still following it.
Price is moving faster than my plot, so it will whipsaw more

Note

wti doing what I told it to do:)
JOKING, but looks like all my zones are doing their thing, and that wide open space is gonna be tested (original was posted here about 4 hours ago)

Note

WTI testing this fib zone quite thoroughly (64.80-.87)

I am expecting this

Note

Oil did follow my plot, kinda sorta, with a spike in between.
I expected more consolidation in the 64.30-.60 range and that may still happen.
Currently evaluating/measuring the recent moves to plot new zones and paths.

EuroMotif

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