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.
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.
“Technical Analysis is about probabilities.”
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