Crude Oil Technicals December 16, 2014

Crude oil @ 5-year lows has broken all long-term major Fibonacci support levels. The commodity price may be targeting the January 2007 low @ 50 before a serious rebound takes place. Perceptions of low global economic growth combined with high OPEC output do not help crude oil prices either.

Crude Oil chart, monthly candlechart:

Crude Oil(Monthly)20141216144740

Chart courtesy of investing.com. http://investing.com

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