Oil yesterday made a clear break of the red support and ran hard as mentioned could happen. It is now in a new lower distribution and is saying further down as long as we do not go back above red zone top. This said does not mean a balance zone in this area does not form so will be watching for shorts around red zone top and then looking to see if oil is going to balance or break lower.
A break back into the prior balance will probably have us chopping back in the range the market held for a few days.
A break back into the prior balance will probably have us chopping back in the range the market held for a few days.
