Information for FX Daily
WTI Crude Oil (NY Close): $108.56 // -1.21 // -1.10%
Prices put in a Bearish Engulfing candlestick pattern below resistance at 110.04, the 61.8% Fibonacci extension, hinting a move lower may be ahead. A break below initial support at 106.70, the 50% Fib extension, exposes the 38.2% level at 103.34. Alternatively, renewed bullish momentum that produces a daily close above resistance exposes the 76.4%Fib at 114.25.
Daily Chart - Created Using FXCM Marketscope 2.0
If oil Prices goes down, potentially the Stock Market can take a breather and climb up again..