WTI crude plunges over a buildup in US storage. The price turned south after it met stiff selling at the October high of 93.50. A fall below the psychological level of 90.00 has forced some leveraged positions to liquidate. An invalidation of 88.00 is more worrisome as it indicates a lack of follow-up bids. 84.50 is the last support to gauge the bulls’ commitment. A bearish breakout would deepen the correction towards 81.00. 88.50 is a fresh resistance and the bulls will need to reclaim 91.50 before they could turn things around.
