At the request of one our more astute readers who posted some comments in the prior article, here is a weekly chart of West Texas Intermediate crude oil. See figure 1.
Figure 1. WTI/ weekly
The story -economic contraction – remains the same as crude oil is breaking down. A weekly close above 80.94 would invalidate this analysis. Otherwise, I would expect crude oil to reach the next support level near $70.
Category: crude oil
Sites That Link to this Post
- Before It's News | June 25, 2012