Last Thursday we noted that WTI was approaching an important line in the sand, the neckline of a Head & Shoulders Pattern that could spell real trouble for oil prices. From Oil’s Dangerous Game:
So, it’s no surprise that equities are panicking just a little this morning, as CL is pennies away from completing a Head and Shoulders Pattern which targets 31.55. I understand why it’s necessary. But, equities are not happy – not one bit.
Last night, CL dropped through that neckline in the midst of a 2.5% dip. We’ll look at what this means for oil and for stocks.
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