T. Boone Pickens mentioned this AM on CNBC we would see $70 before $50...within the next few months...
QM, mini crude will bounce here or at $56, careful on the shortside. Read my earlier posts on crude if you think I dont know what I am talking about.
Here is a chart of the Support levels. There are so many cfs down here its unbelievable that people would try to short this thing. Its hard to pick an exact entry to the tick because of all the support. I would likely predict market will bottom between 56.50-55.50. It is already sitting in huge support and washed out the weak longs. I wouldnt be surprised to see it just bounce from here. It should hold this bottom for at least a few weeks. Longer term it is going down, but to oversold at the moment.