The Oil Price Springs A Leak

$WTIC

Crude bounced off the top trendline and is headed into a seasonal weakness.

We will be looking for support at $92.50 and $91.00. What happens at those levels will be very important.

You can see that $BRENT has made a substantially lower high. Both $GASO and $HOIL are breaking down as well.

Time to be cautious. This is really important. $COPPER, $GOLD and $SILVER have all broken down. I see no reason for this chart to find support at the lower levels. But the market goes where it wants, not where I expect.

Good Trading,

Greg Schnell, CMT