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Wednesday, June 21, 2017

Crude Oil Down 60% Since Mid-June 2014

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


Price today (Wednesday) fell below 43.50, which I identified in my post of June 3rd 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.