- Iranian and Iraqi oil being added to the market,
- problems with China s/market,
- European QE and Euro weakness,
- $$ rate increase and $$ strength forcing crude prices lower, to name but a few external factors. Then add in traders, hedge finds and investment banks all talking the price down, I cannot see how it could be possible for there to be a bounce from Aug 7th, and am honestly expecting WTI to hit $42 or below, UNLESS there is some huge turnaround in the markets,
- Saudis say they/Opec are cutting back on production, or
- a huge drop (say 500k bopd) from the US, or
- ISIS attack on oil facilities.
I will be watching your charts very closely from now on!!!