Oil: Little support until $40-50

The price of West Texas Intermediate (WTI) Crude Oil Futures continues to slide and Ari Wald, Technical Analyst at Oppenheimer, warns against speculating how far it will fall, at least until price starts to stabilize.

Wald’s best-case bullish scenario is that the worst has passed and that the price of oil will simply remain at low levels. His worst-case scenario is that the price of oil will continue to ebb and flow lower until reaching major support in the $40-$50 range.

See chart.