Crude Oil Heads for a Test of $40.00 Again

Discussion in 'Technical Analysis' started by FXStreet_Team, Nov 13, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    This morning, nearby Oil broke its prior pullback low at $42.58 (Oct 27), which has triggered follow-through selling pressure to a $41.69 low so far. Although Oil has recovered to $42.30, weekly inventory data will be released at 11 AM ET, and could, and usually does, impact price direction-- and press Oil towards my next optimal target zone at $40.00, which my work expects to contain any additional, forthcoming weakness within a larger price, momentum, and geopolitical bottoming period.

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