The weekly crude oil chart shows the one-side direction the market has been in since late topping in June. From the June high, the market has closed down 14 out of the past 17 weeks.
In last week’s trade, the market briefly dropped below the
80.00 level, the first break under this level since June 2012. That year,
the spot price of crude oil dropped to a 77.28 low before bottoming.
If 77.28 support is reached and broken, the 74.95 low from
October 2011 will become the next downside support.
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