Crude Oil Testing Support

Clear down channel of Crude Oil initiated in mid July after Crude Oil peaked at its record high, crashing global equity market led to slow down in demand for energy and the strong greenback has also been weighing on the crude, it had been in a period that has almost perfect negative correlation to the greenback in 2008 as it march steady higher through out the first half of 2008, recently it is testing the $89 support in the down channel, it can go either way, just like going to casino.

However we tend to think toward the upside at least for short term if the US market can rebound today.