Crude Oil Chart Shows Risk of OPEC-led Breakdown
If tonight’s OPEC meeting indeed confirms that the oil-producing cartel will keep production levels at current highs, we could see the WTI contract break below nearby Fibonacci support at the 50 percent retracement of the 57.44-148.19 move at 102.82. Such a break would next eye previous support levels at 95.00 and the 61.8 percent retracement of the aforementioned move at 92.11.
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