Crude Oil ..At a Very Important Trend Line Support
Crude Oil has dropped over 11 % in October,
after reaching a high at 76.90 this month,
it fell almost $12.00...... to close the month just above $65.
$65 Crude is at very important trend line support....on the chart.
Daily Price Chart shows a material closing break below $64,
could render serious downside projections ,
with a potential move back all the way back to $50 !
Crude has been in lock-step mirror reflection with the stock market,
the correlation the tightest its been in years.
The crude trade has been a crowded bullish trade,
with forecasts of $80-$90 Crude Oil
Thus the resolution, of this major test of support in crude oil,
should have a telling impact on the stock market,
especially in energy related plays,
for the balance of 2018, and in 2019.
THE_UNWIND
10/31/18 1000 PM
NEW YORK
after reaching a high at 76.90 this month,
it fell almost $12.00...... to close the month just above $65.
$65 Crude is at very important trend line support....on the chart.
Daily Price Chart shows a material closing break below $64,
could render serious downside projections ,
with a potential move back all the way back to $50 !
Crude has been in lock-step mirror reflection with the stock market,
the correlation the tightest its been in years.
The crude trade has been a crowded bullish trade,
with forecasts of $80-$90 Crude Oil
Thus the resolution, of this major test of support in crude oil,
should have a telling impact on the stock market,
especially in energy related plays,
for the balance of 2018, and in 2019.
THE_UNWIND
10/31/18 1000 PM
NEW YORK
Very Important Trend Line Support at $64,
and closed down 2.5%.... at 63.79, a 7 month low.
BEARISH BREAK , Call for more downside ahead.
THE_UNWIND
11/1/18 250 pm
NEW YORK