Crude Oil WTI @ 28.93 - bearish – Posts new lows towards 2003 low at 25.00
Crude Oil WTI (CL) broke down below 33.20 (January 2009 monthly low) to post new lows below 30.00. There is scope for further downside towards 25.04 (April 2003 low) next. Historically, Oil traded down to 10.49 in December 1998 while staying below the 26.74/27.15 range highs (January 1997/November 1999 monthly highs). Currently, the 27.00 area can be support for oil near term. Below would expose the 25.04 area.
Outlook:
Daily: bearish
Weekly: bearish
Monthly: bearish
Crude Oil WTI (CL) broke down below 33.20 (January 2009 monthly low) to post new lows below 30.00. There is scope for further downside towards 25.04 (April 2003 low) next. Historically, Oil traded down to 10.49 in December 1998 while staying below the 26.74/27.15 range highs (January 1997/November 1999 monthly highs). Currently, the 27.00 area can be support for oil near term. Below would expose the 25.04 area.
Outlook:
Daily: bearish
Weekly: bearish
Monthly: bearish
