Ominous shaven head and shaven bottom 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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