The West Texas Intermediate Crude Oil market has pierced a major trendline during the trading session on Wednesday to show just how fickle the market is going to be. Quite frankly, everybody is now focusing on the possibility of a recession, and now $100 level will more likely than not be the next major support level. We are not technically changing trends quite yet, but $100 is crucial, both from a structural and a psychological standpoint. Because of this, you need to be aware of what’s going on and play the market accordingly. A bounce does make a certain amount of sense, but it has seen a lot of damage done. ... (full story)