Another oil bounce falls flat via ForexLive

The old line is that the door opens after three knocks.

Well WTI crude oil has already tried to break $80 four times and now it's gearing up for a fifth run. WTI crude fell $1.30 to $80.90 today after two days of gains in another disappointing turn for the bulls.

The turn lower marks yet another lower high on the crude oil chart and that highlights the failure of every bounce. When something falls to $80 from $107, you'd think there would be some bounces along the way but it's been a one way move.

WTI crude oil

I wrote yesterday about why crude fell so far so fast and Bloomberg has a story along similar lines today.

posted via ForexLive