The trend for the crude oil market remains down as prices continue their slow motion collapse.
The front month February 15 contract is approaching the 50.00 level for the first time since May 2009.
The downside price objective for this current downtrend is the 16-year weekly chart trend line support shown in red at the 45.00-47.00 level.
If this trend line support holds when reached as it has two previous times dating back to 1998, the bullish series of higher lows will remain in place.
However, if trend line support is reached and does not hold, the trend will remain down with the 32.40 December 2008 low then becoming the next longer term support.
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