As Oil Corrects, Watch This Target
InTheMoneyStocks.com | Feb 07, 2018 02:16PM ET
Oil took a beating on Wednesday, falling 3% after inventory data showed a surprise build. In all fairness, oil was extremely overbought and due for a correction. Let's not forget, the U.S. keeps pumping more and more oil as the price has gone up and the global output remains higher even with OPEC's attempt to curb supply.
Ultimately, expect a correction in oil to the $59 level of support. Note the commodity chart below.
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