So much for the breakout: Oil reverses below $109

[forex4you]

So much for the breakout: Oil reverses below $109

If EU efforts to ban n oil fall apart, there could be a real rout in oil.
Technically, it earlier looked like oil could break the wedge pattern that's been forming for two-and-a-half months. Instead, that's starting to look like a false breakout as oil reverses to $108.21 from a high of $111.37.




   



There's lots of room for a 'catch down' trade in oil if the market gets further jitters about global growth. Crude has been remarkably resilient in the last few weeks.

Source: So much for the breakout: Oil reverses below $109

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