The spot crude oil contract last week fell to a new 6 ½ year low bottoming out at the 42.03 level.
Last week’s low held above 16-year weekly trend line chart support shown in red. By holding above support, the bullish series of higher lows that has been in place since 1998 remains intact.
In order to turn the longer term trend back higher, the spot May 15 crude oil contract needs to breakout above the early-February high at the 56.07 level.
If the market turns back lower and closes under trend line support, the 32.40 low from December 2008 will become the next downside price objective
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