Oil has found a good support at the 41.24 level and it has formed what it appears to be a descending triangle or pennant on the daily chart. To the upside, the 44.00 could act as resistance, but if oil breaks to the downside, the 40.00 level could act as support.
Well, oil finally breaks below the 40.00 level and it has touched the 37.73 level.
Oil just keeps falling and it breaks below the 37.00 level. Next support may be the 36.00 level and OPEC is not really doing anything to stop the drop.
But the gasoline is still rising
It is ironic that as oil keeps dropping, gasoline keeps rising. conspiracy???
I'd buy at 34
No conspiracy. Greed
Oil at 34 last week!
Oil found some support at 34 but who knows how long that will last.
Oil could go back to the 40.00, but the level could act as resistance. Below the 37.00 the bearish momentum may accelerate.
Nice breakout and pullback pattern on WTI oil around the 55 day EMA and the 37.000 level. The commodity may try to fall further.