Expecting Oil to Drop Further
Game on in crude oil!...now that it has violated its Nov-Feb support line ($59.90) and has accelerated to the downside to a new reaction low so far at $58.55, it is likely on the way to a full-fledged retest of the Nov. lows at $55.70/40. Only a sudden upside reversal and close back above the $60 level will argue that oil's decline is attempting to stabilize. Otherwise, let's expect the oil price decline to continue.
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