Market technician Carter Worth of Cornerstone Macro sees nothing but pain ahead for crude oil.
“We’ve moved from $27 to $34, about a 25 percent move off the low, but we’re still moving in a downtrend. Bottoms look a certain way—they don’t look like this.”
“There’s every possibility that we’re stuck here, but the notion that we’re going to have some big rebound again—there’s nothing to suggest that.”
“There’s plenty of time to figure out if crude is turning higher. For now we have to make sure it’s not going lower.”