$42 have been a major support zone over the years -- this level is huge and will determine where it trades over the coming months. Daily bollinger bands are extremely tight too, so a big move is likely.
Dollar weakness, middle east tension and need for administration to keep oil prices high, I think it breaks it.
OffbeatOperator
⋅
@Stone881, I've been bearish since late June, but the lack of a move in coordination with the breakdown in the dollar (now below the 80-month moving average) has me turning more bullish.
Stone881
⋅
@OffbeatOperator, Seems to me that the Treasury Departments PPT had been holding prices up. The last thing they want is for lower prices that lead to more job losses, especially in the high paying energy sector.