Oil Slick

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Further to my post of November 4th, WTI Crude Oil has pierced through its next major support level of 64.50, as shown on the following Weekly chart. Also, we now have a bearish Death Cross formation on this timeframe.

Oil has been in free fall since the beginning of October. The next major support level is 50.00. However, as I mentioned in the aforementioned post, price may pop up to retest the moving average cross-over level, which is now sitting around 95.00ish, before it plunges again…although, it may have a tough time rallying above, what is now major resistance, at 75.00.