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Quoted from a report by Marketpulse...
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Stopped EXACTLY at support.
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we have a breach of support...
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Broken...
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Today, we are at a critical level. We have a CS setup on the daily TF. So the initial expectation is a move up (either corrective or a continuation - we'll have to see)...
US crude has dropped sharply today, continuing the downward trend seen late last week. US crude inventory reports continue to point to declines week after week, but crude prices haven't rebounded, due to the oversupply of crude. Drilling activity in the US is on the upswing, as the number of US drilling rigs continues to increase. This is raising concerns that higher production levels in the US will exacerbate supply levels and push down crude prices even further.