West Texas Intermediate Crude Oil has been pulling back from a high near 100 since early September. And it has been dragging the market lower lately.
How low will it go? From the Fibonacci Speed lines in the chart below the support at 82.34 near the 200 day Simple Moving Average (SMA) seems to be a lock. But it gets really interesting if it breaks that level. 
The next support lower is not found until about 65 from this perspective. There is support along the way at the previous low at 75.60 and much congestion between there and 65 so this is far from certain. Shudder to think what that means for the broad market if the correlation to Crude oil remains significant.
Disclosure: The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.
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Crude Oil Is Headed for $82 (Or Less)
Published 10/25/2012, 03:19 AM
Updated 05/14/2017, 06:45 AM
Crude Oil Is Headed for $82 (Or Less)
Latest comments
The MCX prices have broken the 30-day low of 4636 and created a new low of 4613 yesterday, though it could not hold on, and closed around 4650, which is the position where the prices are hovering today morning also for the first two hours. The market will be range-bound mostly today on account of the continuous steep falls for the last four days, and the down-trend is likely to be reversed today though on a smaller range. Generally, the markets, as of now, indicate only moderate gains for the day on account of range-bound price movements..
Interesting comment, Kumar!
Thankz Mr Kumar. I am also with bulls today for shorter term
Let's go, Bulls!
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