Thursday, November 3, 2016
Bear Oil Trend Still Strong
Crude oil traded lower today and has lost $7.85 or over 14% from the October 19th 52.22 high in December futures (CLZ6). Today marks a 10th new session low since that Oct 19th high, so the bearish trend should be considered ‘stretched’. However, there is currently nothing outside of this stretched condition that gives warning against an otherwise technically strong bearish trend.