Over the next few weeks, we’re either going to make a huge double bottom, or we’re going to take this market even lower. The WTI crude oil market did very little during weak Thanksgiving trading on Thursday. This is a market that apparently had limited volume and limited transition times. Therefore, it is not a big surprise to see the market just sitting there. We are sitting above a major support level so if we break the hammer on Monday it will open a flood of selling as far as I know. Advertisement Take advantage of today’s crude oil movements Trade Now Looking at this chart, a drop below this level could take the WTI market to $75, maybe even $72.50. Apparently, the market is starting to focus more on demand, or perhaps better said, demand destruction. If we continue to see a lot of negativity in the global economy, it makes some sense that we would see this market decline since oil is considered the „lifeblood” of the global economy. It’s worth noting that freight volumes are starting to fall, which means that demand will continue to fall through the floor. Market May Fall If we turn around and rally, the market could break above the nasty candlestick on Thursday, opening an opportunity to move to the 50-day EMA. The market will almost certainly see a lot of noise overall, but I think the momentum of the move will more than likely die down given enough time. It’s a little ironic right now because stocks seem poised to explode, but oil still looks very vulnerable. The market will reopen on Friday, but also on a limited basis, not only because of future market hours, but also because most of the major US oil houses are not even trading. This is exactly why I think you need to pay more attention to Monday’s candlestick than anything else, because it can give you a bit of a „head” as to whether or not we’re going to get a jump. we are finally ready to seriously break down. Over the next few weeks, we’re either going to make a huge double bottom, or we’re going to take this market even lower.