Update on CL: Dec 12, 2014

Crude light paused at our .618 target of 62.65, but has since continued sliding. Recall that this was supposed to be major support as the chart from a few days ago shows.

2014-12-09 CL wkly 0530The fact that neither the channel nor the .618 Fib held is quite bearish.  The next Fib support isn’t until the .786 at 49.17.

2014-12-12-CL daily 1300I see no other channel, moving average or chart pattern support  In fact, the daily RSI just fell through its support.

2014-12-12-CL daily RSI 1300We can argue that CL is oversold, but I see very little to prevent it from becoming more so anytime soon.

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