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Crude Oil (WTI) trading at a key level…. 21 December 2015

Crude Oil (WTI) has been trending lower since the midst of last year at a dramatic rate. Its been pretty much like a falling knife.

Crude (WTI) is forming an interesting pattern which needs close attention. Is a bottom near? Seasonality wise, crude is in a time period where it begins to rally. We are watching this Butterfly pattern formation as shown by the blue shaded area in the daily chart of Crude Oil (CL) below. Crude Oil is in the support zone of $33.95 to $32.50. We also have a 3 drive to a bottom pattern formation taking place here. Perhaps a good idea would be to watch the price action and see if this support holds, then look to buy a pull back, perhaps a 61.8% retracement. This would require patience but the risk to reward could be very nice. Please see the disclaimer page on this website.

Crude Oil (WTI) Front month contract:

Crude Oil December 21 2015 Daily chart. www.marketchartpattern.com

Crude Oil December 21 2015 Daily chart. www.marketchartpattern.com

 

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