WTIC Oil, new wave lower - target $60

Oil suffered a very significant turn lower today, and is now probably on its way to testing the recent low of $77. A break under that level will open up a fast multi-week move to $60.


WTIC, daily

WTIC, weekly

WTIC, monthly

Summary

With the main equity indexes weak, amid renewed concerns of a global slowdown, Oil is again back on the slide. Today's move was indeed pretty strong, and there will very likely be some follow through to the downside in the coming days.
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Looking ahead to Tuesday trading

Considering the hourly index cycles, I'd look for opening minor gains, I would find it somewhat surprising if we can hold over 1355/60 for more than a few hours.

AAPL have earnings at the Tuesday close, and that could easily be the last hurrah the bulls get for some weeks.

I will merely look to re-short sometime Tuesday, and am seeking 1325 for my next short term exit..

Goodnight from London