DINAPOLI TRADING / OIL FORECAST

It is amazing how these markets can change in a week. We have massive volatility. Markets still respect yearly, quarterly and monthly Dinapoli Fibonacci levels.

Let's look at strong Fibonacci support levels which may act as turning points in the long term. On the quarterly, we can see the big yearly OP stands together with quarterly XOP. This cluster of expansion 16-17 is really strong. We can place place a buy limit order just above the OP. We should see a significant reaction from here if the market drops further and reaches that level.