Oil fell 10 cents short of our long term target of 53.75. As was mentioned in a previous email, Oil has had 5 big swing between the last 2 major 61.8% retracements of 63.75 and 51.75 as marked on the chart and until either of these 2 levels get taken out you can look for the big swing to continue between them. For the shorter term you can use 53.75 as the swing point, because this is 78.6% of the last leg we will also look for 78.6% the other way and this is 63.00. Failing to get back above the 90 and 200 day average at 57.30 and 38.2% of the break at 58.30 would be a very negative sign. Below 53.75 look for 51.75 and if this level is closed below look for 47.75.

CLH20 Daily