Crude oil continues to be strikingly weak as its relationship to stocks and the ‘risk trade’ has become increasingly untethered. The initial bounce off the June low held some power, but the past couple of sessions after retesting the monthly low the bounce has been smaller. A turn down from right around here (also the trend-line from last month) will help complete a descending wedge pattern. Given the general trend and nature of the pattern (lower high, flat bottom structure) it is anticipated that a downside break will develop. A sustained decline through $50.54 should have the WTI contract picking up downside ... (full story)