WTI slipping and sliding towards September lows and support
Generally commodities should move higher on Chinese rate cuts just as commodity currencies do. It's usually mostly a reactionary move, like we saw n the aussie (although that's been wiped out and more) but instead oil has tumbled
WTI H4 chart
Support comes in around the Sep trendline at 44.00/10 and then the 43.50 level which has been S&R going back to the start of the year. If that and the Sep lows at 43.20 go then we could see a quick trip south to the low 42's or worse
Some of this move is also coming from dollar strength and we may also be seeing some risk premium wash out from the expected direction of Hurricane Patricia. Those drivers may wane on the better US manufacturing PMI just out.
