Technicals - WTI oil - further downside potential

WTI oil - The close last night below the US$29.20 support level - the December 2008 low point - signals the next downward move, with major subsequent support now located at US$26.25. The WTI oil price had originally generated a technical sell signal at US$90.69 on 23/9/14. (The only re-entry buy signal was generated on 9/10/15 at US$49.90 which was subsequently negated in mid-November 2015). The WTI oil price generated a technical sell signal at US$41.60 on 12/11/15 and subsequently reached the US$34.00 target. The more recent break of the US$34.00 technical support indicated the potential for a downward move to US$29.20. Last night's decline has resulted in further key support being broken. There is no sign of a turnaround emerging, given the oil price is moving to "lower lows".