Crude Oil Key Levels & Analysis

Crude Oil

The chart below is key to this analysis.

There are two methods we use at ONE44 to find support and resistance in the markets.

The first are major Gann squares, these are the yellow horizontal lines on the chart. On the chart you can see where the market turned multiple times at these levels.

The second is Fibonacci retracements and this is what most of this post will be about.

There are a few basic rules when using the Fibonacci retracements with the ONE44 rules and guidelines.

This is the short version.

A 38.2% level keeps the trend intact and new highs/lows should follow.

A 23.6% level shows the market is extremely strong, or weak.

A 61.8% level can cause wide swings and keep the market in a trading range.

A 78.6% level can send it 78.6% of where it just came from and even be the end or start of a Bull market.

(CLJ25) 

2/23/25

From last week,

The rally this week hit 38.2% back to the 1/15/25 high at 73.10 and it too went on to new low keeping the short term trend negative. It only made a slightly lower low, so the 38.2% level is the same and will be the key level for this week. 

Use 73.10 as the swing point for the week.

The rally last week took it right back to the 73.10 (38.2%) swing point for the week and the break on Friday has it right back at the low for the week. Without a new high, or low the Above/Below remain the same for this week.

Use 73.10 as the swing point for the week again.

Above it, look for 78.6% of the same move at 76.20.The key long term retracement above is 79.35, this is 23.6% on the continuation chart.

Below it, the short term target area is 61.8% back to the 9/10/24 low at 69.00 and the 68.35 major Gann square. The longer term target is 78.6% of the same move at 66.60. The key long term retracement below is 61.8% on the continuation chart at 62.30.

We have done 45 videos on how to use the Fibonacci retracements with the ONE44 rules and guidelines. These Videos are worth watching even if it is not in the market you are trading, as the ONE44 rules and guidelines are the same for every market. You will also see why we believe the Fibonacci retracements are the underlying structure of ALL markets.

Here is the latest.
 

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Our goal is to not only give you actionable information, but to help you understand why we think this is happening based on pure price analysis with Fibonacci retracements, that we believe are the underlying structure of all markets and Gann squares.

If you like this type of analysis and trade the Grain/Livestock futures you can become a Premium Member.

You can also follow us on YouTube for more examples of how to use the Fibonacci retracements with the ONE44 rules and guidelines.
 

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