Crude yesterday made a low of 129. 129 also happens to be its 3 months average price, where it took support and closed above it.Today if Crude closes below 128$ we will see further correction upto 124-118 levels in coming days.
Reversal from here would pull back crude to 134 and above. The speculation going on in crude with over 5000 hedge funds having positions in it would not die down so easily.
Another aspect to consider is that crude has fallen for 3 days, 4th day could be a pull back, if not then we will see a correction happening for another two days.
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