Chart of the Week: Crude oil

About this chart:  Crude oil prices were hit hard this week. You can see the major low and double bottom in early 2016 at $26 per barrel. From that low, prices rose to the ultimate high in October 2018 at $75.00. From that high, prices dropped to $42 in December 2019. Prices bounced back to $66 and then dropped to a double bottom at $50 in June and August of 2019.

What this means for you: The chart held where it needs to hold this week. Now a close below $50 will open the door for a test of the 2019 low at $42.