Crude Oil …. Testing Support

Crude Oil futures (symbol: CL) are testing critical support in the $92-94 range, back-testing the long-run downtrend line which emanates from the 2008 high. Failure of this support range suggests a test of the $84-85 level is likely. Maintaining support in the $92-94 range suggests a test of the $112, and possibly $130 level.

In review of the Commitment of Traders (COT) data identifying the extreme positions of speculative versus commercial players, we believe $92-94 support will give way.

Crude Oil, 01Nov13

Posted in Crude Oil, Energy, Uncategorized

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