Crude oil traded very nicely and as we mentioned yesterday a sell order could be placed at 66.70 for it to hit at 65.60 and thats exactly where crude oil touch and rebounded. Its the main Support line where the 38.2% Fibonnaci retracement lies and is the peak of the uptrend triangle.

It needs to hold at 65.60 very nicely or else we would see it fall towards 64.30 where another support lies.

However, the current technical picture suggests a slight more dip could be taken place if the 38.2 retracement level doesnt holds, we prefer buying in dips with good stop order.

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