Crude tests key level at $50

December Light Crude is retracing to test new support at $50/barrel after the recent breakout.

December Light Crude

If we look at the longer term weekly chart we can see how important this level is. Respect of $50 would confirm the primary up-trend. There is still doubt that support will hold — and that OPEC will be able to craft an agreement that will satisfy members while restricting supply. Failure would suggest that crude will revert to ranging between $40 and $50.

Nymex Light Crude

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