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Oil Down 60% Since Mid-June 2014; Continued Weakness Ahead

Published 06/22/2017, 12:14 AM
Updated 07/09/2023, 06:31 AM

Crude Oil has fallen a massive 60% since mid-June 2014, as shown on the following graph.

Oil 2014-2017

Yesterday it fell below 43.50—which I identified in my post earlier this month as a major support level—and closed at 42.53, as shown on the Daily chart below.

Increasing volumes are either signalling continued weakness ahead, or some buying stepping in between this level and 50.00. Since another bearish moving average Death Cross has formed recently, the first scenario may be favoured in the near term.

Unless 43.50 is regained and held, we may very well see a retest of 35.00, or lower. In that case, I'd watch for any extreme volume spikes to signal a potential capitulation and price reversal.
Oil Daily 2012-2017

Latest comments

Hi Candy. I utilized your past article to inform my overall picture of the crude market and found it to be a great asset. Of course I do my own homework too. Keep posting. I like to share with my Twitter pals too.. . Keg
Thanks, Keg. But am glad you do your own homework...that's very important, as my posts are not intended as financial or trading advice, which I stress on my Disclaimer found on my Blog.
Thanks, Keg. But am glad you do your own homework...that's very important, as my posts are not intended as financial or trading advice, which I stress on my Disclaimer found on my Blog: http://www.strawberryblondesmarketsummary.com/p/disclaimer.html.
Thanks, Keg. But am glad you do your own homework...that's very important, as my posts are not intended as financial or trading advice, which I stress on my Disclaimer found on my Blog: Strawberry Blonde's Market Summary.com
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