West Texas Crude has met its downside measured move target, starts to become interesting from the long side now… pic.twitter.com/o7LBi7MO2X— CEO Technician (@CEOTechnician) November 13, 2014
Though I don’t trade commodities, I have to agree with CEO Technician here. Oil does look very interesting here. Then I think about the implications of a bounce in oil on the forex market. Everyone is bearish oil. The decline broke key support levels with price going for this long-term, big-time support level around $75. While the USD had its own strong reasons to rally, the weakness in oil did serve as a nice tailwind. Now as price heads into a huge support zone, can oil continue to weaken?
#CL. This could be the bottom. Confirmation tomorrow. — Christian G. (@InEgo_) November 13, 2014
All eyes on crude.