Oil Presses Lower
Oil has fallen deeper into the high $80's following a selloff that broke monthly lows. We had very strong support at $92.03, and appeared to be seeing a double bottom forming, but the selloff knocked oil back a peg, smashing through multiple technical levels below in a persistence selloff that has taken us back to support at $87.21. We are seeing a green triangle forming on the KRI, but the selloff does seem persistent. We should have further support from $85.55 and $84.75. If we see a relief rally, the $90's should provide resistance.
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