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13 Nov 2014
Oil looking weak, breaking looming? - 2ndSkies
FXStreet (Bali) - According to Chris Capre, Founder at 2ndSkies, Oil is looking weaker at a key support are, suggesting that perhaps a breakdown is coming soon.
Key Quotes
After forming several pin bar rejections off the yearly lows and key support just above 76, WTI Crude Oil has been unable to muster any gains, and looks like bearish pressure is around, even at these lows.
For now, we have a wide range between the role reversal level at 79.60 and 76. If support gives way, below 75 there isn't much till 70 or 68, so potentially a lot of downside. Only clearly 80 negates the bear trend ST.
Key Quotes
After forming several pin bar rejections off the yearly lows and key support just above 76, WTI Crude Oil has been unable to muster any gains, and looks like bearish pressure is around, even at these lows.
For now, we have a wide range between the role reversal level at 79.60 and 76. If support gives way, below 75 there isn't much till 70 or 68, so potentially a lot of downside. Only clearly 80 negates the bear trend ST.