Oil Sees further weakness

Oil is selling-off still which is trading lower for 8 consecutive weeks, which hasn't been seen since 1986. WTI is down (-0.19%) on the day, with prices looking like it is consolidating around $40.83/bbl. I observed descending triangle formation forming which indicates prices could dip below $40/bbl. I see prices could go as low as $39.50/bbl in a break out, although we might see a slight pull back. If we do get a pull back, prices are likely to experience resistance at $41.80/bbl. Although long term trend is still negative as oil produces do not want to give up market share.