Oil has broken down. Will it last?
Technically Speaking
The $52 level was important to hold, in my view.
We will have to wait and see where buyers come in, but I will be watching the $40 level.
There were a near record amount of spec long positions. So the potential for more downside is likely.
What to do?
As long as 52 holds the upside, I will be looking to sell rallies.
I will be targeting the $40 area.
The $52 level was important to hold, in my view.
We will have to wait and see where buyers come in, but I will be watching the $40 level.
There were a near record amount of spec long positions. So the potential for more downside is likely.
What to do?
As long as 52 holds the upside, I will be looking to sell rallies.
I will be targeting the $40 area.
