Where are the TSX and Crude Oil headed?

Two tables to ponder:

Crude Oil.... Fibonacci Level
$147.................. 100%
$104................. 61.8%
$ 91 ...................50 %
$ 78 ...................38.2%
$ 62 .................. 23.6%
$ 34 ....................0%

Yesterday's closing price $61

TSX ..........Fibonacci Level

14,157 ............100%
11,606 ...........61.8%
10,818 ............50 %
10,030 ...........38.2%
9,056 ............ 23.6%
7,480 ................0%

Yesterday's close 9,844

Crude Oil's close below $62 is also below a key fibonacci support level.
Will crude continue to fall as US demand for petroleum continues to weaken?

The TSX closing under 10,000 is below an important fib support level.
If crude falls will the TSX be set to retest its recent lows?

Cash with effectively a zero interest return or gold look attractive in this deflationary investment environment in my view.

Comments