Oil (WTIC) after moving around 60$ for some time, recently started a steep descend (look China, Grexit).
Currently the line in the sand for oil bear market lies at around 46$.If oil price moves below 46$ then continuation of price descend towards 36-37$ is possible.If oil manages to stay above 46$ AND bounce significantly then the current bear market continuation is becoming doubtful.
Yesterday XLE broke support at 74$ which is a significant event in our opinion.Now, if XLE stays below 74$ then probably it will move towards 68$, along with oil at 46$.
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