Crude oil dropped $5 this week! It is highly volatile this month as expected in my previous post "
Crude Oil Calm Before The Storm". Luckily it hits bottom and bounced back strongly tonight, this shown that the panic drop is over... for now. So what's next? Referring to /CL chart above, it tends to drop drastically, then bounce back and pull back again before OPEC meeting. If the historical pattern were to repeat again, I predict that after tonight the oil price will bounce back. It will go up to ~$49 then pull back to ~$47. I wish I have a crystal ball...