InformedTrades http://www.informedtrades.com/1879573-how-low-will-oil-go.html
It's no secret that the price of oil has been plummeting. Since the start of October, WTI has gone from 91.36 to its current price of 66.15 USD -- a drop of over 27%. The fall on black Friday was especially sharp, as oil fell over 8% on that day alone. The chart below illustrates.
How much further will oil fall? To answer this question, I naturally began looking for support levels. And to find a support level I thought was meaningful, I had to zoom all the way out to the the monthly chart. There, support at 55.69 becomes visible. That still means another 15% fall from we we currently are at.
Whenever oil shows signs of bottoming, I'll likely be interested in taking a position, as I think fundamentally oil will go much higher in the long run.
How much further will oil fall? To answer this question, I naturally began looking for support levels. And to find a support level I thought was meaningful, I had to zoom all the way out to the the monthly chart. There, support at 55.69 becomes visible. That still means another 15% fall from we we currently are at.
Whenever oil shows signs of bottoming, I'll likely be interested in taking a position, as I think fundamentally oil will go much higher in the long run.
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