The 16-year trend line on the weekly crude oil chart which
has been the downside objective for this current downtrend has been reached in
today’s trade.
This trend line which begins at a 10.35 low from 1998 and
extends under two successive lows now comes in at the 45.00-46.00 level.
Today’s current low is 45.96.
If trend line support holds, the longer term series of higher lows that has been in place over the past 16 years will remain intact.
If 45.00-46.00 trend line support fails the hold, the
primary trend will remain down with the next level of support then becoming the
32.40 low set in December 2008.
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