After reaching last month’s target at 66.00, U.S. crude oil broke yet another key level during the final session of October. We’ve had our eye on the ascending channel that stretches from the February low, and last Wednesday’s close sealed the market’s fate. That close opened the door to the next key support at 64.00. You can see how this area attracted a bid in June and again in August of this year. The level even served as a pivot between late January and February. However, the bearish momentum following last week’s break of channel support carried the market right through the 64.00 support handle. As you’d expect, ... (full story)