MACRO VIEW: WTI OIL UPDATE: BREAKDOWN FROM THE RANE
Following the OPEC decision to avoid cutting their oil production, WTI Oil has again broken down from its relevant range border, this time it looks like for good.
Price is now significantly below both 1-year and 1-quater distribution, trading above below 1st standard deviations from 1-year and 1-quarter mean - signaling more downside probability.
The move will be fully confirmed by WTI Oil breaking below its 2015 low at 37.70 (lowest point since 2008/9 crisis)
Price is now significantly below both 1-year and 1-quater distribution, trading above below 1st standard deviations from 1-year and 1-quarter mean - signaling more downside probability.
The move will be fully confirmed by WTI Oil breaking below its 2015 low at 37.70 (lowest point since 2008/9 crisis)
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