Oil Crashes Into Major Support


Crude Oil took another big hit on Tuesday as it continued the downhill slide that began in the beginning of October 2018. The United States Oil ETF (NYSE:USO) topped out at $16.25 at the start of October but now trades below $12.00. That represents a more-than 25% collapse in a month.

Bottom Watch

Tuesday looked to be capitulation with panic setting in. Which means oil is likely putting in a bottom for a bounce. The technical chart confirms this, showing major support at $11.85 and $11.70. I expect a big bounce back to $13.00 on the USO.

Oil Crashes Into Major Support

United States Oil


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