West Texas Intermediate down 11.91% for the week

Ominous shaven head and shaven bottom candlestick
Chart for WTI showing the weekly decline of 11.91% which is represented on the chart as a tall dark candlestick.

West Texas Intermediate 4-year Chart

Some observations from the above weekly chart for WTI:

  • Major, intermediate and near-term downtrend for WTI.
  • Support levels of $40 and $38 did not hold.
  • Ominous shaven head and shaven bottom candlestick last week.
  • Can WTI hold above $35?
  • Major support (not shown) is now the 2009 low of $33.55.
  • A break below $33.55 (not shown) indicates that 30, 20 and 10 are in play.

Reference the last chart analysis for WTI showing the break below support of $38.

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