Oil has continued to sell off overnight with the 1:1 (White) and 23.6 Fib attracting plenty attention from the bears. I am expecting momentum to continue to pick up on the downside in the coming days.
Intraday players will be closely eying the 1:1 (Yellow) at 56.35 and the 1:1 (Blue) and 38.2 Fib at 56.55. Looking to sell within these levels with a close stop looks to be a solid risk/reward play for intraday traders.
* A 1:1 refers to a current correction being equal in length to a prior correction
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