Almost! We almost saw oil break down through the 76.4% fib retracement and solid support on the week at 46.86. Instead, we saw the last NYMEX trade close with a 47 handle. Expect to see the futures close at the lows of the day today. This brings up a really important decision point for the trajectory of oil. More analysis to come, shortly. Looking forward to the 3:30pm CFTC Commitment of Traders release.
