Time of Truth for Crude Oil

The time of truth for crude oil prices. If yesterday's end-month plunge to a new reaction low at $57.02, followed by a potential upside reversal to this morning's high at 59, is a significant low, then the current decline should hold support in the 57.80/50 area prior to the emergence of another powerful rally that takes out 59 on the way towards the top of the October price channel (61-62).

Conversely, inability for oil prices to hold 57.80/50, followed by a decline that breaks and sustains beneath yesterday's low at 57.02, will be considered extremely negative on a near-term basis, and will point to 55 next.

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