OIL - SUPPORT? / INFLECTION? / RESISTANCE?
I am not implying that we will or will not see a rate hike;
but I believe that oil prices will push to sit at the lowest possible
support level (wherever that may be) or just below it, prior
to next weeks rate hike decision.
Prices may have already landed at hard support lows this week prior to the
Feds meeting but if they continue to decline, I believe these lines from years past
will serve as Support/Resistance levels on it's last leg down over
the next 5 trading days and that we may very well see low 32's
by the 17th.
but I believe that oil prices will push to sit at the lowest possible
support level (wherever that may be) or just below it, prior
to next weeks rate hike decision.
Prices may have already landed at hard support lows this week prior to the
Feds meeting but if they continue to decline, I believe these lines from years past
will serve as Support/Resistance levels on it's last leg down over
the next 5 trading days and that we may very well see low 32's
by the 17th.
