Crude Oil futures slipped below the pivotal $80 per barrel mark in Friday’s session, leading the entire commodities complex deeper into what is beginning to look like a new bear market. The energy sector had been in lockstep with the precious and industrial metals on the way up, and the recent bout of selling has seen both sectors break down in unison as well. 
Friday’s decline triggered a technical breakout from a longstanding Triangle chart pattern, highlighted here on the 240-minute time interval. The breakout occurred with high momentum, underlying the accelerated selling pressure coming into this market upon the failure of the $80 level.
The projected price target from this level suggests an even more significant drop remains to be seen. The forecast calls for a move to at least $74.86 a barrel to complete the pattern, with the lower end of $69.25 also possible. This would represent a major downtrend in US Crude is now underway, with a move back above $83.00 a barrel required to shift the technical outlook from bearish to neautral. This appears unlikely given the strong momentum to the downside seen so far.
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Daily Commodities Update: US Crude Oil
Published 10/03/2011, 09:56 AM
Updated 03/09/2019, 08:30 AM
Daily Commodities Update: US Crude Oil
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