Note that as we look at this chart, crude has dropped to $69 per barrel. Oil has been trading below the 38.2% Fibonacci level of $77 now for about 10 days and has fallen below the important 200 day MA.
In a similar fashion, Dr. Copper has broken through the 200 day MA and is trading below the 61.8% Fibonacci level of $3.01.
Prices begin to fall:
Full article here
May 19 (Bloomberg) -- The cost of living in the U.S. unexpectedly dropped in April for the first time in more than a year, signaling the world’s largest economy is recovering without causing prices to flare.
The 0.1 percent fall in the consumer price index was the first decrease since March 2009, figures from the Labor Department showed today in Washington. Excluding food and fuel, the so-called core rate was unchanged, capping the smallest 12- month gain in four decades.