Almost! We almost saw oil break down through the 76.4% fib retracement and solid support on the week at 46.86. Instead, we saw the last NYMEX trade close with a 47 handle. Expect to see the futures close at the lows of the day today. This brings up a really important decision point for the trajectory of oil. More analysis to come, shortly. Looking forward to the 3:30pm CFTC Commitment of Traders release.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.