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Crude Oil Tags Epic Level

Published 12/18/2018, 12:18 PM
Updated 05/14/2017, 06:45 AM

Spot crude collapsed again on Tuesday, hitting a low of $47.28/bbl. Based on a major trend line and pivot support, traders are buying oil here for a helthy bounce. Note the chart below. Oil was trading north of $77/bbl just a few months ago and is now down almost 40%.

This level should yield the first multi-month bounce in crude, which could see a move as high as $60/bbl over this period.

WTI Crude Oil

Latest comments

US is the problem here.
market is overreacting
Thats what the market does
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