Oil looks to have it's most interesting session ahead today for a long time!
Here's the WTI chart, showing the 50 EMA crossed the 200 to the downside intra session yesterday, before a small rebound late (currently still $0.05 below though).
Aligning as it does with that long term support line, if they both fail, hold your breath!
Brent crude just overlays, and although the 50/200 cross hasn't happened yet (still $0.11 above), it is as good as a fait accompli without a big, big bounce today.
I am not sure of any relevance at this point in time for us, other than perhaps reinforcing the importance (and appeal) of new discovery being proximate to existing infrastructure
Might be why Caelus are having trouble getting traction with Smith Bay?
Oil Price, page-786
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