Woerle

Target Oil turning point

FX:USOIL   CFDs on Crude Oil (WTI)
As Oil crashed through my expected turning point around US$ 17 this morning, there is no further resistance until we reach US$ 10 - 14 Level. WT is already at -80 but could still go beyond -90 in case of a capitulation event. Two of my trend channels are crossing and showing a major resistance point at around US$ 14. I'm not entering a trade jet until things are a bit clearer, because I did expect a capitulation a bit later when storage truly runs completely out by mid/end of May. But you never know, profs are much better informed and it could be earlier, especially as the US wants to buy Oil from Saudi while fighting with its own glut of supply.
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