WTI slump brings Fibonacci support into play

Crude oil has been front and centre of the collective investor mindset of late, with continued delays to the Israeli ground offensive seemingly holding off another spike in energy markets for the time being. The risk of a wider conflict taking hold has brought increased speculation over a prolonged period of uncertainty in the region, meaning that we could soon see prices turn upwards once again. The declines seen today have brought price back down into the 76.4% Fibonacci support level at $82.90. Interestingly, this follows a wider 76.4% Fibonacci rebound, with price having reversed upwards from that $81.63 level earlier in the month. A decline through the recent low of $80.77 could signal a wider bearish reversal coming into play. However, until that happens it makes sense to expect another move higher from this region.