NYMEX_MINI:QM1!   E-mini Light Crude Oil Futures
I have this theory that the beginning of 2014 is deja vu of 2008. We have global disinflation, with deflationary threats in the EZ. This has propped up the dollar, causing commodity prices (particularly PMs and oil ) to tank.

In 2007, leading into 2008, the general beat on Wall Street was that equities wouldn't decline. "So bullish it hurts," as I seen on one CNBC segment. Don't worry, it'll hurt a lot less.

We are not likely to see OPEC cut production because they do not what to lose market share. A lot still remains unknown, but crude looks to be trading like 2008.

From 2008's top, a descending trend line is currently acting as support. A trade will be entered on a confirmation close only. If prices bounce, $80/ bbl is likely on a retracement.

However, a close below the trend support, we are likely to see $60/ bbl in the coming months. Fundamentally, it makes sense.

Enter: 74.1
SL: 80


And there it is, $60/bbl

+14 pts
great! Do you think tp is still 60?
Sorry, I just had a chance to log in. Yes, I do. I think in the longer-term, crude can go much lower. A rebound like we seen yesterday is normal considering the sharp declines. Some shorts likely took profit or covered. The fundamentals are still to crude's downside.
mamqua CommoditiesTrader
thanks i hope so
Nice call. It did hit $60, do you see going lower?
Price heading in right direction. 2008-high trend line broken.
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