Crude oil has slumped on lack of world demand. If this slump is a continuation of the down trend and confirming cycle action then up swings are to be sold.

Let price fall further, watch for a weak bounce then review your trade options. Price falling from upper resistance is not a confirmation of a well-supported demand story for higher prices, it is a story that the shorts have built up a position to take prices down.

Below is a chart showing off Bartels cycle tools. Bartels is used to find the dominate cycle in a time series. 

(Click on image to enlarge)

NOTE: readtheticker.com does allow users to load objects and text on charts, however, some annotations are by a free third party image tool named Paint.net 

Investing Quote...

.."Money is made in tape reading [chart reading] by anticipating what is coming -- not by waiting till it happens and going with the crowd"...

Richard D Wyckoff

..The time of maximum pessimism is the best time to buy and the time of maximum optimism is the best time to sell"..

John Templeton

.."Stock market bubbles don't grow out of thin air. They have a solid basis in reality, but reality as distorted by a misconception"..

George Soros

.."The stock market is filled with individuals who know the price of everything, but the value of nothing"..

Philip Fisher

..“Investing should be like watching paint dry or watching grass grow. If you want excitement…go to Las Vegas.”... 

Paul Samuelson