I have the same levels drawn as you but I think with the break of support this maybe just a pull back in an otherwise further weak market testing what has now become resistance. I think we could see 42 before it goes to 66.
This market wants to retest the significant previous support @ $52.00 that was recently broken ( now becoming a resistance), A test of $52.00 would also buttress against the inside top, of a down trending channel. That will be the inflection point for either a trend change or confirmation yet again that this market wants to continue to spew lower.
I have noticed a lot of energy stocks have been descending. This week I traded Alcoa and Exxon for a short squeeze pop up, both worked well. CL is going to be a good buy soon.
Oil Decision Point 2020 Here is a weekly chart of oil... a longer term perspective of sort. The levels identified here and the momentum swings over the course of 35 years or so, are maybe setting up a Decision Point in 2020. The levels to watch is the channel between 42 and 77 dollars as well as the multi year wedges forming in both price and momentum. Anticipating anther big move one way or the other. How price and momentum act from here to the end of the year will determine breakout direction. Current price action I think is at an equilibrium.
wow, what a few weeks... If oil doesn't hold that 26 dollar level, which I don't think it will but, I've been wrong plenty of times so take it for what it's worth... I think oil could revisit levels from the 90's. The next support i see is around 17.50 and I think the momentum down has more room as well.