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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
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DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...
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Tuesday, November 04, 2014

Oil is on the Brink

This Weekly chart of WTI Crude Oil Futures says it all.

Oil is sitting just above a major price and Fibonacci Confluence support level of 75.00 (as I write this on Tuesday at 3:45 pm)...a break and hold below 75.00 could see it drop to around its next support level of 64.50.

Furthermore, we may see a bearish Death Cross form soon on this timeframe...should that occur (or even sooner in anticipation of that event), price may briefly pop up to re-test the cross-over level around 96.00 before plunging to, potentially, new depths.

The last time it broke below 75.00 was October of 2008 (during the financial crisis) when it sliced straight through the 200 MA. With volumes increasing over the past few weeks, we could see some fairly volatile price swings enter soon...one to watch.