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Major WTI Crude Oil Stock Chart Channel Break

Shares of oil dropped sharply today with WTI crude trading as low as $41.33 as of the late lunch period. While this 3.25% drop is solid, the bigger factor is the WTI crude oil stock chart trend line break that just occurred. To put it in perspective, WTI oil has traded in a tight channel (seen in the chart below) for the last four months. Today WTI crude oil broke to the downside in dramatic fashion. This sets up for a slide in oil over the next weeks/months. A likely downside target is $20 WTI crude oil

To put this in perspective, understand WTI hit -$40/bbl in March 2020 before bouncing to $40+/bbl. A classic retrace gets you to at least $20/bbl.

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WTI Crude Oil Stock Chart