Oil: Correction Appears Complete; Further Weakness In View
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Sep 20 2011
Oil prices reversed nicely lower in the past few trading days from the upper side of an ending diagonal pattern. Prices as we can see already broke through the lower support line of a corrective channel, which is usually the most important and strong evidence for a downtrend continuation. This trend line will also tend to react as a resistance. As such, we favor a further weakness on this market, even below August lows while 90.45 top is in place! Keep an eye on 84.80 area, break through that swing low will be a trigger for a downtrend acceleration.
For more detailed technical analysis in video format scroll down (originally recorded and posted on Sep 19)!
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