Support for oil was broken and the TC2 indicators target is at $41.6 a barrel.
Crude prices have fallen about 12% since OPEC agreed to extend the production cut until the next year. The Bears are still in the driver seat for now, but there is some hope for the Bulls if the level $44.28 will hold. In this case, our indicators forecast a rebound to about $45.5- $47 a barrel.
If the level will be broken we could see the prices touch $39 and even $30.5 a barrel.
Weekly Targets and Projections:
Oil remains bearish potential downside to $39-$41 a barrel.
Trade of the week
Shortat $45,53, Stop at $46,95 and Take Profit at $43,85