West Texas Intermediate will test major support at $35

The spigots are wide open. The major trend is down, the intermediate trend is down and the near-term trend just turned down. WTI will test major support at $35. The near-term downtrend in the U.S. dollar should be a plus for WTI but right now traders are concentrating on supply news out of the Middle East.

WTI 3-Year Weekly chart

WTI 3-Year Weekly chart

Reference my post from March, 29, 2016 showing the major downtrend defined by the 200-day moving average.

Reference my post from March 15, 2016 for the support levels below 40.

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