On Monday I shared that Crude Oil was pushing support to an extreme (see post here) 

What happens when support breaks? Often a sizable decline! 

Monday Crude was trading at $99, today it is trading below $93.  Down a  quick 6% this week….the equal of the Dow falling 700 points!


Now a bigger test is taking place as Crude Oil is testing the top of a channel that has been in place for almost 30 years! 

A solid break of this line would increases the odds of Crude Oil heading down to the mid-range of the channel, around the $60 level.

A break of this line and I suspect DNO or products like it will do rather well!

How The Recent Decline In Stocks Looks "Eerily" Like Major Bear Markets Of The Past