Crude Oil has been down ~ 30% since early October. An upward trend line (in blue) was broken. Current price found soft support ~ 50. Shall down swing persist, next stronger support could be ~ 43 (in brown). The sharp fall was triggered by ever rising production from Saudi and US. Sanction on Iran saw some countries being exempted for 6 more months.
Such a big fall could pave the way for strong rebound in near future. Meeting among OPEC and Russia will take place on early Dec. Geographical tension could simulate buyer's interest into the black gold as well. Trader could take position by following ETF which track movement of oil price.
Trade on bullish Oil: Oil ETF (ticker: DBO)
Trade on bearish Oil: Inverse Oil ETF (ticker: SCO)
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