** CHART WATCH: CRUDE OIL **

Despite the weakness we’ve seen in crude oil the past few weeks, this commodity is still trading within a long term bull market as is illustrated by the above chart of crude oil. As long as $55 isn’t take out this uptrend remains intact. However, a failure to do so, would open the door towards $45. Given the strong fundamentals surrounding oil though, we would be very surprised to see oil break its longer term support levels.