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 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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