WTI support at 30.00
Ok..Where is the bottom in crude? That is the 60 billion barrel question! If only we knew...so I had a look at the monthly line chart for WTI and saw that at several major peaks in the past crude then fell 70% before a bottom was formed. OK it's only a small sample statistically and you wouldn't bet the bank on it BUT the new current projection feels somehow right to me (ie 30) It might not be a pretty turn around there but then and only then am I considering going long. Until then it's a short. And one other thing I noticed the more times a prices touches OR passes through a level the more the market seems to respect it. The 30 level has had a lot of touches in the past. The only other level I see below 30 is 20 and if it is going that low I think the world might be a little different than it is now.
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