Crude Oil Down Trend Continues
CRUDE OIL TRENDS DOWNWARDS AGAIN
Although the shift took place a couple of trading days back, the market has now confirmed that it’s breaking downwards again in trend.
This time down, we may take out the August lows and that support level needs to be given a good deal of weight.
If the trend carries through, then, we should see some price support at the $43-$44 level.
The present price angle of descent is below 45 degrees further signifying a weak market and a lack of buying support at present.
At this point price would have to go above the $52 level to assume a more bullish trend again.
Below you’ll find a lower-cost way to follow the Crude Oil Market by using the ETF symbol USO or it’s options:– George