WTI crude oil climbs $3 in bounce after two bruising days (update: Now $4)

WTI is now up $3 to $101.50 with most of the gains coming in the past 30 minutes.

Oil was crushed in the past two days in a one-way move down to $95.16 from $111.43. That was one of the largest one-day nominal moves on record. Even with that, there was no oil-specific catalyst for the move as it was caught in negativity about global growth.

For the bounce to get any real traction, it will need to get above yesterday's high of $102.13.

Notably, US natural gas is also up 6% today in a bounce after weeks of selling following the explosion at Freeport LNG.

Update: That didn't take long, oil up to $102.22.

I would now watch the 50% and 61.8% Fibonacci Fibonacci Fibonacci is a form of technical analysis in financial trading, named after the Italian mathematician, Leonardo Fibonacci, who lived during the 13th Century. He used a series of special ratios in his calculations, today called Fibonacci ratios, derived from the Fibonacci sequence, where each number in this sequence is the sum of the previous two numbers, resulting in the following series of numbers: 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144, 233, 377, etc... (the formula being: fn = f n-1 + f n- Fibonacci is a form of technical analysis in financial trading, named after the Italian mathematician, Leonardo Fibonacci, who lived during the 13th Century. He used a series of special ratios in his calculations, today called Fibonacci ratios, derived from the Fibonacci sequence, where each number in this sequence is the sum of the previous two numbers, resulting in the following series of numbers: 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144, 233, 377, etc... (the formula being: fn = f n-1 + f n- Read this Term levels.