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OIL : Heading Lower

OIL : Heading Lower

Crude Oil WTI NYMEX:CL1!

Despite the latest rally in oil, I'm not convince that this sell off is over . Analysts from Citi to BAC are screaming that oil would go as low as $20. I'm not that pessimistic , but I believe prices will go lower. Looking at this monthly chart , we can see that around ~ $40 acted as good support for oil. I believe oil will reach those level rather quickly . I'm also keeping an eye on the U.S dollar index, which is inversely correlated ( - 92 %) to oil . It is currently sitting at resistance @ 94.69. I believe this resistance will be broken, which should indicate lower oil prices. We 'll see cheers Algo