US Crude Oil futures may have reached a temporary bottom after dropping sharply in Tuesday's trading session. The recent breakout from the large Triangle chart pattern, shown here on the hourly time interval, followed through to the target area to complete the move.

Renewed buying in Wednesday's session could potentially carry the price back to the initial breakout level above $80 to form a large sideways range on the longer term charts.

Despite short term strength, failure for crude oil to retake the $80 support level would set up for a continuation downward. A move below Tuesday's low at the bottom of the range would suggest a new leg down in a long term bear market has begun at this level.
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