Crude oil draws double top pattern
Economies.com
2013-02-15 20:35PM UTC
Crude oil declined strongly to touch 23.6% fibonacci level at 95.20, this correction is for the bullish wave from 85.20 to 98.20, and a break for this level will open the door for more downside correction targeting 93.25 initially.
Note that 95.20 level is representing a neck line to a double top pattern that will provide strong negative factor that assists in pushing the price towards the next correctional level in case the price succeeded to get a daily close below it.
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