Crude Oil has dropped over 11 % in October, after reaching a high at 76.90 this month, it fell almost $12.00...... to close the month just above $65.
$65 Crude is at very important trend line support....on the chart.
Daily Price Chart shows a material closing break below $64, could render serious downside projections , with a potential move back all the way back to $50 !
Crude has been in lock-step mirror reflection with the stock market, the correlation the tightest its been in years.
The crude trade has been a crowded bullish trade, with forecasts of $80-$90 Crude Oil
Thus the resolution, of this major test of support in crude oil, should have a telling impact on the stock market, especially in energy related plays, for the balance of 2018, and in 2019.
THE_UNWIND 10/31/18 1000 PM NEW YORK
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Dec 2018.Crude Oil Futures... VIOLATED>>> Very Important Trend Line Support at $64, and closed down 2.5%.... at 63.79, a 7 month low. BEARISH BREAK , Call for more downside ahead.