If we were to break through the bottom of this “double bottom”, that opens the possibility of a move down to the $75 level, and then possibly even down to the $72.50 level. That would obviously break the back of the support, and it also draws into question whether demand is going to be enough to lift pricing. After all, OPEC has recently cut production by 2 million barrels a day, and although we did get a little bit of a bounce after that, the markets have done nothing but fall since then. On the upside, we can take out the highs from the Tuesday session, then it’s possible that we could go looking to the 50-Day EMA ... (full story)