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WTI makes new lows since Mar 2009

CLJ5 has broken down overnight, breaking the Jan-29 lows at 44.37 (CLK5 needs to break 45.52, it's not there yet). BofA Merrill Lynch notes in a report on Monday: This points to a continuation of the long term bear trend…

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CLJ5 has broken down overnight, breaking the Jan-29 lows at 44.37 (CLK5 needs to break 45.52, it's not there yet). 

BofA Merrill Lynch notes in a report on Monday:

  • This points to a continuation of the long term bear trend, exposing the confluence of long term support between 41.15/37.80. 

  • Into here we look for greater signs of basing, especially as Brent, Gasoil, RBOB and HO are not at risk of breaking their Jan lows, setting up the potential for bullish price divergences.  

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