On Friday I pointed out how crude oil reached our target in the 66.00 region. The bearish outlook materialized back on October 7th when oil was trading just above the 74.00 handle. You can read that post here. The key takeaway from Friday’s commentary wasn’t that the market reached our target, but rather the idea that the selling pressure isn’t likely to end anytime soon. Of course, that does not mean we won’t see relief rallies along the way. Let’s start with the monthly time frame. Tomorrow is the last day of October, so the massive bearish engulfing candle for the month is as good as finished at this point. And ... (full story)