WTI Crude Oil Daily Chart Analysis 11/8
Technical Analysis and Outlook
Crude Oil has at this point moved into completion Oil Dip $61.40 and approached what should be a significant Mean Support $59 (Stage 3), so there is a likelihood that at least a portion of the latest harm might be mitigated with a swift bounce. A decline below $59, though, and we might then find a retracement all the way down closer to $55 (Stage 4) and Major Key Support $49 (Stage 5). (See 'Commodity Market' for full Crude oil Market Commentary).
Crude Oil has at this point moved into completion Oil Dip $61.40 and approached what should be a significant Mean Support $59 (Stage 3), so there is a likelihood that at least a portion of the latest harm might be mitigated with a swift bounce. A decline below $59, though, and we might then find a retracement all the way down closer to $55 (Stage 4) and Major Key Support $49 (Stage 5). (See 'Commodity Market' for full Crude oil Market Commentary).