Crude Oil hitting support around the 58.15 (38.2% retracement of the Feb-Jun upmove) and the 59.40 (double top target) region. Due for a bounce next. Any bounce in oil will boost DJ since a few of the latter's components are the oil majors.
"Experts" are predicting that oil will pull back to an eventual low of around $45 before resuming it's uptrend (ie any bounce now is still a sucker's rally). Crude's weekly stochastics are now only down to about 40.. not quite oversold yet though I'm skeptical it'll pull back to as low as $45 but I could be wrong! So let's see..
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