27th Jun - Crude Oil Breaks Long Term 38.2% Retracement
27 June 2012
WEEKLY CHART - CONTINUATION
After failing to clear the 2011 peak the correction has now violated last year’s pullback low, and the 38.2% retracement. This implies a more prolonged pullback phase should be seen.
This doesn’t, though, preclude a shorter term rebound. In respect note immediate support offered by the 89.58 May-10 high area. Will this temporarily hold?
DAILY CHART – Aug-12:
Latest weakness saw a breach of the early Oct-11 low. On this chart note a nearby Fibo projection at 87.90 offering s/term support near to that on the Weekly chart.
We wait to see if this can prompt a bounce.
The 94.73/95.21 area offers nearby resistance. Also note the 101.95 07-Jun high, close to the current, not shown, 38.2% rebound level (the Fibo projection relates to this fact), which is next resistance.
Next story:
27th Jun - USD/SGD Currently Capped by 76.4% Level 
Previous story:
21st Jun - USD/CAD Recovery Capped by Fibonacci Level