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Saturday, January 27, 2018

WTIC Crude Oil Hovers Above Major Support

I last wrote about WTIC Crude Oil on December 26, 2017.

The following monthly chart shows that /CL has since rallied to retest its bearish moving average Death Cross apex at $65.00 and is hovering above that price, as well as its 50-month moving average.

If $72.00 is, indeed, in the cards, as I described in the aforementioned post (or even higher to retest $75.00 price resistance), it's very important for /CL to hold above $65.00, now major support. A drop and hold below could send it tumbling back to $55.00, or lower.