I’ve heard $57- 58 is the level to start picking at, which is right here. However, looking out to a longer term chart of crude, we could be headed another $10 lower. That would be the 20 year trendline support area, near $48:
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The way some of these oils are acting, I would not be surprised to see sub $50. But, I’m under the impression we are close to short term bottom.
Let’s hold a vote, over the next month where do you see the price of oil? Vote below:
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