Crude futures have broken down & backtested the secondary uptrend line, currently making the second test of the 63.15 support level. A solid break and/or 60-min close below will likely bring /CL down to the 62.20 level. Should my call for a correction in crude continue to play out, that should translate into more downside in the oil & gas stocks & related ETFs such as XLE, XOP & XES. 60-minute chart of /CL (crude futures) below.
CL 60-min Jan 19th