FXstreet

The long-term trend in oil is down and it has been since the pre-recession peak up near 150 in early 2008. Since then, it's been unable to move higher than that top. The direction of the line connecting that 2008 peak with the lower 2013/2014 peaks is unmistakably downward.



The uptrend line connecting the low in 2016 to the 2017 low has been broken. Oil has closed below that trend line for 2 weeks in a row now -- and it's back inside the Ichimoku cloud range.

It's that unrelenting selling, day after day, in October that's reversed the weekly trend and has reverted price direction back to the longer-term pattern seen on the monthly chart.

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