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Oil Losses likely to Extend

Discussion in 'Technical Analysis' started by FXStreet_Team, Nov 12, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    WTI Crude Oil looks to have extended lower out of the bullish trend line that formed a large consolidation pattern. If the breakout holds, it could spell disaster for the Oil bulls and the six year low at $37.75 a barrel could come under pressure. Oil has fallen steadily over the last week or so thanks to a strong rejection off the bearish trend line that forms the upper boundary of a large consolidation pattern. The bearish trend stretches back to the high in June, when the bullish bounce in

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