I don't buy the Wall Street nonsense about inflation. We are in a deflationary spiral, price of commodities must come down due to weak global economy. Crude Oil look very bearish I'm seeing the downside action suggested oil is going lower. It hit the $79.69 level and pull back on high volume. I think Crude oil is going to tank to $72 soon. Please pay attention to $78 level if oil gets above it we should witness shortsqueez to $80 or higher. If oil tanks to $75 level it could get a bounce. If $75 level would not hold crude oil could drop by 6.5% from current price to $72 with in next couple weeks.
Crude oil technical analysis chart:
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