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WTI threatens the November low

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Oil risks breakdown

WTI crude is down 86-cents to $50.33 today. The low so far was $49.86, which is threatening the November low of $49.41.

The chart doesn’t look great. WTI has already fallen below the 61.8% retracement of the rally since last June and the bounce from the short-term bottom hasn’t been inspiring. There was a chance for some kind of base here but a break below $49.41 would threaten a move back into the low-40s levels seen in June 2017.


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