TerryKinder

Is oil at or near a bottom?

NYMEX:CL1!   Light Crude Oil Futures
Oil on this Pitchfan chart has broken support, but we'll probably have a clear idea at the end of the trading day tomorrow.

Right now just the candle wick is below the support line. If this month, or next month, most of the candle body itself fell below support, that would flash a warning that, perhaps, a bigger price decline was coming.

This level has been touched multiple times from around 2001-2002 on.

Should support break, there isn't much support until near the $30.00 level. I tend to think support will hold, but price action will tell the tale.

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