Crude oil: Butterfly over H4 offers fresh sell entries

Crude oil: Butterfly over H4 offers fresh sell entries

The four-hour interval of crude oil shows that an upside gap has been recently formed hauling oil towards 54.50 regions.

crude-oil-fxcomment-12-12

Crude oil movements have been dominated by a fine Fibonacci symmetry that drew a bearish harmonic butterfly pattern as follows:

  • B point met 70% Fibonacci -closer to 76.4%- of XA leg.
  • CD leg started at 62% of AB leg
  • Signs of trend exhaustion appeared in the 54.50 territories according to Aroon indicator’s readings ahead of 127.2% Fibonacci projection of XA leg.

Accordingly, we see chances for achieving possible backwardation over upcoming sessions so long as 56.15 areas act as a ceiling for bears who are charging.

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Amir El Araby

Co-Founder & Chief Global Strategist at FxComment.com, with 17 years’ experience in the technical analysis studies for FOREX, Commodities and Indices. Amir El-Araby worked as a mentor for many companies and institutes, where he presented new methods for trading in the financial market. Amir is a member of ESTA (Egyptian Society of Technical Analysts). Amir is also the official partner of Harmonic Trader (Mr Scott Carney) and the official instructor of harmonic trader association for Arab countries.

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