From my charts, today marks the lowest Fibs level that crude oil could go. I do think that this would be the bottom, however.... if it breaks this mark, the next possible level for it to reach could be the low of $10-$12 ... which is alarming for the big O&G companies.. but on a consumer level, that means cheaper travels and other general necessity that involves oil comsumtion in their supply chain..
Is this good or bad? I don't know.. its abit of both, but the market has a way of adhering to cycles.. lets just wait and see..
Is this good or bad? I don't know.. its abit of both, but the market has a way of adhering to cycles.. lets just wait and see..