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http://dailytradersedge.com/2017/06/is-oil-on-the-verge-of-a-major-breakdown-cnbc/
IS OIL ON THE VERGE OF A MAJOR BREAKDOWN? - CNBC

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June 08
14:162017
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U.S. crude oil prices recovered in mid-morning trading on Thursday, after falling to levels that put the commodity on track for its lowest close in more than six months.
The West Texas Intermediate crude contract for July delivery dropped about 1 percent to a session low of $45.20 a barrel, below its close of $45.23 on Nov. 29, the day before OPEC agreed to cut output to support the market.
The price teetered on this key line of support, recovering some of its losses to trade at $45.93 as of 10:03 a.m. EDT.
Prices could dip further and test $44 a barrel, but downside risk from current levels is limited, said Matt Smith, director of commodity research at tanker-tracking firm ClipperData.
"I think we get too much buying interest coming in because there's demand coming through," he told CNBC's "Squawk Box" on Thursday.
Some analysts had been watching the $43.76 level, where WTI traded on an intraday basis on May 5 during a minor flash crash.
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