novvoll12
Short

Crude Oil WTI - bearish – Posts new lows towards 2003 low at 25

NYMEX:CL1!   Light Crude Oil Futures
Crude Oil WTI             @ 28.93 - bearish – Posts new lows towards 2003 low at 25.00

Crude Oil WTI             ( CL             ) broke down below 33.20 (January 2009 monthly low) to post new lows below 30.00. There is scope for further downside towards 25.04 ( April             2003 low) next. Historically, Oil             traded down to 10.49 in December 1998 while staying below the 26.74/27.15 range highs (January 1997/November 1999 monthly highs). Currently, the 27.00 area can be support for oil             near term. Below would expose the 25.04 area.

Outlook:
Daily: bearish
Weekly: bearish
Monthly: bearish
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