Commodity chart of the day - daily crude oil
In the last six weeks crude oil has appreciated $16/barrel or just over 20%. Enough is enough ... incapable of picking an exact top I think prices are close enough to jump off the bull train. I would not say it is time to get short but it is time in my opinion to exit bullish trades.
The 100 day MA has capped the upside the last two days and we've completed a 50% Fibonacci retracement as seen on the chart above.
I think there is an outside chance we complete a 61.8% Fibonacci retracement that would add $5 to the current price but I do not see a high likelihood of that happening.
On signs of an interim top in the next few sessions expect bearish speculative trade ideas.
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