Could WTI Crude Oil be Headed to New Highs?
I wrote previously about the possibility of WTI Crude Oil being at or near the low. Since writing the original WTI hit $43.58 and has bounced to just shy of $49.00.
This chart is a fib spiral anchored to the $10.49 low of late 1998. This chart actually has a series of fib spirals drawn on it and all are anchored to the late 1998 low.
As you can see by the black line, there is good support dating back all the way to 1998. The fib spirals also make it pretty clear where the next resistance points will be.
I have drawn a red arrow pointing at one of the fib spirals. I believe that should the WTI price break and hold above that spiral on this monthly chart, then it will continue on to the next spiral. You can barely see a little piece of that spiral up near the $150.00 level.
Should price break above that spiral and hold, my expectation is that WTI makes a new high price (nominal anyhow).
Note, if you make the chart your own and then start playing with the scale, the spirals don't scale properly as you zoom in and out, so you will be changing the levels where price moves above or below any fib spiral.
I haven't used the fib spiral before, but have been using the Pitchfan, and what I see here matches up pretty closely with what the related Pitchfan chart is saying below, so I'm reasonably confident that this chart, while perhaps not 100% accurate (nothing is) is more or less an accurate reflection of where the WTI price will move.
This chart is a fib spiral anchored to the $10.49 low of late 1998. This chart actually has a series of fib spirals drawn on it and all are anchored to the late 1998 low.
As you can see by the black line, there is good support dating back all the way to 1998. The fib spirals also make it pretty clear where the next resistance points will be.
I have drawn a red arrow pointing at one of the fib spirals. I believe that should the WTI price break and hold above that spiral on this monthly chart, then it will continue on to the next spiral. You can barely see a little piece of that spiral up near the $150.00 level.
Should price break above that spiral and hold, my expectation is that WTI makes a new high price (nominal anyhow).
Note, if you make the chart your own and then start playing with the scale, the spirals don't scale properly as you zoom in and out, so you will be changing the levels where price moves above or below any fib spiral.
I haven't used the fib spiral before, but have been using the Pitchfan, and what I see here matches up pretty closely with what the related Pitchfan chart is saying below, so I'm reasonably confident that this chart, while perhaps not 100% accurate (nothing is) is more or less an accurate reflection of where the WTI price will move.
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