Crude futures (Light Crude November 2015 – CLX2015) are testing short-term support at $44 per barrel. Breach is likely and would indicate another test of the recent low at $38.50. Failure of that level would offer a (long-term) target of $30*. Recovery above the descending trendline and resistance at $52 per barrel is unlikely, but would suggest that a bottom is forming.
* Target calculation: 40 – ( 50 – 40 ) = 30
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