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2 Jan 2015
NYMEX crude might test USD 42-40/ BBL – MPTrader
FXStreet (Barcelona) - Mike Paulenoff of MPTrader expects NYMEX Crude Oil to move towards USD42-40/BBL levels if the price breaks below USD50/BBL levels.
Key Quotes
“The declining NYMEX Crude Oil price structure continues to bear down along my two optimal price paths towards approaching targets at $50.00/BBL, which, if violated and sustained, will point towards $42-$40.”
“Let's notice that the 16-year support line, off of the 1998 low at $10.35, cuts across the price axis at around $45.75. If the major support line is violated, then it might be difficult to envision a viable target of $42-$40. Instead, crude might plummet towards a test of its Dec 2008 low at $32.48.”
Key Quotes
“The declining NYMEX Crude Oil price structure continues to bear down along my two optimal price paths towards approaching targets at $50.00/BBL, which, if violated and sustained, will point towards $42-$40.”
“Let's notice that the 16-year support line, off of the 1998 low at $10.35, cuts across the price axis at around $45.75. If the major support line is violated, then it might be difficult to envision a viable target of $42-$40. Instead, crude might plummet towards a test of its Dec 2008 low at $32.48.”