Another soggy patch for oil prices following inaction at the OPEC meeting
The year's low on my charts came it at 42.20 and we've gone through there and 42.00 to a low of 41.80
Brent crude daily
The $40 level will be a big psychological level and it's been a historical S& point all the way back to 2004/05. Under there we have the 2009 lows around 39.35 and the 2008 lows at 36.20
If Brent stays below the 42.00/20 level then the downside beckons. If we get and hold back above then we'll have a case for a fairly strong double bottom in place
WTI is also being driven lower but is still around a buck and a half from the 2015 low at 37.73
With OPEC not giving bulls any reasons to buy, the sellers are reasserting themselves
