Oil Remains in the Grasp of the Bears

Oil continues to trade lower, showing little or no upside umph.

My Point & Figure chart shows the still-dominant downtrend, which only will be challenged if Oil can climb and print above 48.00.

Otherwise, all roads continue to point to a retest of the early May low at 44.00 (43.76 intraday low), followed by another capitulation towards 42.00-40.00.