Crude oil has been hit hard of late. The decline has Crude testing 3-year rising support at (1), as fear levels are high at (2) and weekly momentum is currently nearing oversold levels.

Below looks at Crude Oil and its 10-week performance –

Crude Oil has declined over 30% in the past 10-weeks at (1), as it is testing rising support at (2).

Wouldn’t be surprised to see Crude experience a short-term bounce as fear levels are very high and it is testing 3-year rising support.

 

 

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