And It Finally Happens, Crude Oil Joins Copper And Gold In Making New Lows On The Year by Bryce Coward, CFA, Gavekal Capital Blog
Back on November 19th we asked if WTI Crude oil was about to go the way of copper, gold and lumber in making a new low on the year. Well, today that finally happened, and it didn’t even occur with a breakout of the US dollar (chart 1)! So the question now becomes, how low can crude go? From a purely technical perspective, the 2008 low of $33.87 seems like a good number (chart 2).
