Technical Analysis: Oil, Daily: Overextended down-move searches for reaction
Posted on January 13, 2015 at 9:42 am GMTThe huge downward move in oil prices has surprised many market participants during the past few months. From 107 dollars a barrel in late June of 2014, crude oil has in the spate of a few months dropped almost 60%, below 45 dollars. The ferocious downmove has been attributed to oversupply and it is well known that oil production is not easy to suspend once the high fixed upstart costs are paid. Therefore, it may take months of low prices [..]