OIL weekly downward channel . OIL should have hit the bottom, trying to build up an upward channel, but not sure the blue one or the pink one? OIL price should drop from current level to the level that define the lower bound of potential upward channel.
oil is nicely approaching $43. $43 is a support, if it breaks, likely to go to 36. or it might just rebound from 43 to form the PINK upward channel. Let's monitor.