Posted on August 23, 2015 by Martin Armstrong
The markets are open on Sunday in the Middle East so we have seen follow-through with the sell off that rocked the equity markets in Asia, Europe, and the Middle East. This does not always reflect a continued trend on Monday mornings, but they are more of a completion of the previous week. (See Dubai down 7%; BBC).
Our target for Crude remain the same. Our first support lies at $35 with the major support at $32-31. It will take a yearly closing below $35 to warn of a drop back to the OPEC Uptrend line shown here which rests back at the $15 level over a 9 to 10 year period from the 2007 high.
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