WTI crude oil technical analysis 17 March 2015
WTI could be in big trouble as it looks to cement a close below 43.50
WTI daily chart
Holding below 43.50 leaves the black stuff facing big gap until the next major support level in the low 30's. There's been some historical S&R levels around the 40 buck mark but the picture has been less than clear over the 2008/2009 lows
WTI weekly chart
This is now 8 days of losses for oil and unless the Fed signal that the economy is going into overdrive in their updated forecasts tomorrow, it's hard to see where any bullish news is going to come from. We're not in collapse mode right now but it won't take much to turn this into another big move.