Update on Oil: Dec 9, 2014

On Dec 1, Crude Light Oil came close to but didn’t quite tag the .618 we’ve been watching.

2014-12-09 CL daily 0530Today marked a solid tag, meaning we should now get the significant rebound we’ve been expecting. 2014-12-09 CL wkly 0530A sustained drop below the white channel bottom would be extremely bearish for oil.

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