Crude Oil Prices have had one of
THE MOST BEARISH Chart Rollover Breaks
to the Downside that I have seen in my 40 years
of observing stock and commodity markets worldwide.
From a breakout above $75 a barrel earlier this fall
price has dropped 33 %...to $50 a barrel,
in an almost unbelievable price fall,
catching the heavily LONG crude trade at first flatfooted,
and now leaving some players completely devastated, by the reversal of fortune.
My own read of the Monthly West Texas Intermediate Crude Oil Chart ( Shown Here)
shows that the potential for yet another $10 drop, is not out of the realm of possible.
Major Monthly Support is seen at $35-$40 range
if $50 Support fails to hold.
OPEC meets on Dec.6,2018 for their next scheduled meeting of the cartel.
A failure then to reach an agreement on how support prices at this meeting
could be the catalyst for the additional $10 drop, potentially by early 2019.
Another $10 drop in crude oil prices
would put significant new additional pressures on world stock energy prices
which in turn would add yet another dark omen,
to the perfect storm building in financial markets worldwide.
THE_UNWIND
11/25/18
NEW YORK
THE MOST BEARISH Chart Rollover Breaks
to the Downside that I have seen in my 40 years
of observing stock and commodity markets worldwide.
From a breakout above $75 a barrel earlier this fall
price has dropped 33 %...to $50 a barrel,
in an almost unbelievable price fall,
catching the heavily LONG crude trade at first flatfooted,
and now leaving some players completely devastated, by the reversal of fortune.
My own read of the Monthly West Texas Intermediate Crude Oil Chart ( Shown Here)
shows that the potential for yet another $10 drop, is not out of the realm of possible.
Major Monthly Support is seen at $35-$40 range
if $50 Support fails to hold.
OPEC meets on Dec.6,2018 for their next scheduled meeting of the cartel.
A failure then to reach an agreement on how support prices at this meeting
could be the catalyst for the additional $10 drop, potentially by early 2019.
Another $10 drop in crude oil prices
would put significant new additional pressures on world stock energy prices
which in turn would add yet another dark omen,
to the perfect storm building in financial markets worldwide.
THE_UNWIND
11/25/18
NEW YORK