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WTI: Crude oil may go bellow 47.74 but not for a long time.

WTI: Crude oil may go bellow 47.74 but not for a long time.

Crude Oil WTI NYMEX:CL1!

At the present time, we do have in the market, and enormous amount of oil with a demand that is rather low. Even during the worst time of the financial crises, WTI did not cross the 0,764 Fib retracement. At the present time, oil can go even towards 45. But I do not think that this is a long lasting level. Crude may progressively go back towards 60-67 after reaching its lowest low. Of course if all this price level is not the first sign of a forthcoming economic crises or an economic correction