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Oil cut through support levels Wednesday, why the fall could continue

Discussion in 'Technical Analysis' started by ForexLive, Aug 31, 2016.

  1. ForexLive

    ForexLive Forum Member

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    WTI crude crumbled after EIA inventory data triggered a rapid selloff in oil. High US stockpiles of crude WTI is down $1.63 to $44.71 today in the worst percentage drop since Aug 1. What was instructive was how easily it cut through the 21, 55 and 100-day moving averages along with the 38.2% retracement of the August rally and the $45 psychological level.

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