Oil has broken down. Will it last?

NYMEX:CL1!   Light Crude Oil Futures
Technically Speaking
The $52 level was important to hold, in my view.

We will have to wait and see where buyers come in, but I will be watching the $40 level.

There were a near record amount of spec long positions. So the potential for more downside is likely.

What to do?
As long as 52 holds the upside, I will be looking to sell rallies.

I will be targeting the $40 area.
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