NYMEX Light Crude Oil is in free-fall but is expected to at least find short-term support in the 11.42/9.75 area, in the opinion of Axel Rudolph from Commerzbank.
Key quotes
“The June contract is in free-fall and has dropped to 11.79, down 42%, and close to the June 1998 low at 11.42. Below it the December 1998 trough can be found at 10.35 and April 1986 low at 9.75. In the 11.79/9.75 area, we expect WTI to short-term hold.”
“Minor resistance sits between the June 1999 low at 16.21 and the November 2001 low at 16.70. Further minor resistance is found at the June 1997 low at 18.35 and also at the psychological 20.00 mark.”
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