WTI Crude Oil Charts

An Uptrend is an uptrend until proven otherwise – when it breaks.

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