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.
Welcome and thank you for visiting!
The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex
* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
* My posts are also re-published by several other websites and I have no control as to when their editors do so, or for the accuracy in their editing and reproduction of my content.
* In answer to this often-asked question, please be advised that I do not post articles from other writers on my site.
* From time to time, I will add updated market information and charts to some of my articles, so it's worth checking back here occasionally for the latest analyses.
DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...please read my full Disclaimer at this link.
UPCOMING (MAJOR) U.S. ECONOMIC EVENTS...
* Wed. May 12 @ 8:30 am ET ~ MoM & YoY CPI & Core CPI Data
* Fri. May 14 @ 8:30 am ET ~ Retail Sales Report & Core Retail Sales Report
* Wed. May 19 @ 2:00 pm ET ~ FOMC Meeting Minutes
* Wed. June 2 @ 2:00 pm ET ~ Beige Book Report
* Fri. June 4 @ 8:30 am ET ~ Employment Data
* Wed. June 16 @ 2:00 pm ET ~ FOMC Announcement + FOMC Forecasts and @ 2:30 pm ET ~ Fed Chair Press Conference
*** Click here for link to Economic Calendars for all upcoming events.