Major, intermediate and near-term trends are down.

WTI 3-Year Weekly Chart

Some observations from the above weekly chart for WTI:

• Support levels of $40, $38 and $35 did not hold.
• Long-term 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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“Technical Analysis is about probabilities.”

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