Crude Oil dropped off 1.5 dollars, sharply breaking through the previous pivot low @ 48.20. However, at the end of the day, on the heals of the EIA report that there was a bigger than expected draw on crude oil inventories, the price of crude rebounded to close @ 48.10. In spite of the retracement, I am still bearish on Crude and expect a drop down to the trend line and lower Bollinger Band @ 47.00.
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