If you look at the idiots on Marketwatch.com on their forums, you’ll see them saying “if it broke the 120 support level, why did it immediately rally? It should have spiraled out of control to 110 or less if it broke that support level!”
I heard somewhere that if it broke 130, look for it to retreat to 100. Obviously, it wouldn’t happen over night, but the slide has been percipitous. It’s going to test these support levels quite a few times before it finally finds a balance. The point? What goes up, must come down, just the question is on the rate of decline.
Mkts do NOT make major moves in a straight line. Ever. Crude is certainly not an exception, and the idiots (a very apt description, btw) on Marketwatch should know better...but quite obviously do not.