Log vs. Linear charts comparison:
The three years accelerated uptrend was broken on both linear and log charts.
Log Chart: WTI Crude oil broke down from its five years uptrend but currently trades back above the uptrend.
Linear Chart: WTI Crude oil - the five years uptrend stayed intact.
On the weekly CL chart a noticeable uptrend is in progress.
To recap: The price of crude oil recently pulled back significantly. The five years uptrend was damaged. Technical damage requires technical repair, I opine that it will not be easy for crude oil to climb higher. In case of a break below the 2007 low, 40$ remains the long term bearish target.
Related: Crude Oil Gold Ratio
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