Crude sell-off about to end

The sell-off in crude oil is about to end, says Chris Williams, Senior Broker at Newedge.

Williams points out that the RSI on generic crude is over-extended and at a 30 year low. Moreover, the price of crude is approaching key support: A 76.4% retracement level at 42.25 and support from a 16 year trendline at 46.05. As such, Williams thinks that 42.25 is the lowest crude can go.

See article.