As the the price of oil nears a 20 percent decline, many analysts offer a word of caution: Don't mistake a healthy correction for the end of a multi-year bull trend.
Maybe in financial markets 20 percent means the trend has changed, but in the case of commodities we are not really looking at it like that. Commodities are based more on fundamentals," said Tetsu Emori, a fund manager at Astmax in Tokyo who regularly analyzes charts for price direction.
However in the near term it's quite possible you could see prices down to $100 a barrel.
Fast Money viewer Kirk N. from North Carolina is among those investors who expects oil to continue lower. He writes, "Oil is sitting at a key volatility support level [121.97] at its close Tuesday. It will likely pause or reverse from this level. The dollar has risen to a level just beneath volatility based resistance at 73.45 Each compounds the other. Therefore oil should see further significant decline for a week or more.
And that leads to our Fast Money Reader Poll. If oil falls to $100 do you think it will stay there for a while?
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