In January of 2016, I did an article on Crude Oil Futures where I identified a resistance zone of 37.28 to 41.47 using my Fibonacci method, which I refer to as the “One Shot, One Kill” method. Note that I was able to identify this resistance zone after $27.01 had been hit and price had begun to enter into a relief rally. The chart below shows that while crude oil futures were trading at 58.88 (in June of 2015) there was a lower outstanding Fibonacci price target of 27.01. (this chart and target can be found in the link above)
Crude Oil Futures – 5 years, weekly chart
The 3-year chart below shows the target being hit in Q1 16.
Crude Oil Futures – 3 years, daily chart
Now let’s take a closer look at the aforementioned resistance zone and how I determined where that resistance would be.
My “One-shot, One-kill” method of identifying targets, support and resistance is a method I spent years developing and is amazingly accurate when used correctly. In the chart below, you’ll see the resistance zone highlighted as well as a level marked at $42.41.
Crude Oil Futures – 1 year, daily chart
And finally, let’s take a look at how this resistance zone played out. Hint: This is where the “amazing accuracy” part takes center stage 🙂
Crude Oil Futures – 2 months, daily chart (notes on chart)
If you’re interested in learning my “One shot, One Kill method,” email me here for a customized quote depending on your situation and work schedule.
Thanks for reading and always use a stop !