Oil is falling once again to the tune of 3% and now threatening to breakdown on a large scale. Even with a tropical storm forming in the Gulf, investors continue to sell off the commodity as current supply is too great.
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Here’s a weekly chart of the commodity showing the past few years of price history. With today’s move, we just pierced through the April lows, 43.76. New support becomes, 42.20, which was the low last October. Should we pierce back below $42, all bets are off for oil stocks. Take a look below:
I bought the pain. Long CRR at 6.05 and rebought CRC at 8.90 after being stopped out at 9.30. Still long the Sancheezie
Thanks for the buy signal.