Crude Oil (Spot Price) Up Against Falling Resistance - What's Next?

As the two charts based on daily and weekly closing prices below show, West Texas Light Sweet Crude Oil ($WTIC) prices are at or near steeply falling resistance lines.

What's next for oil?  We shall see.  But if resistance holds, weekly support lines appear to be at about the $37 and $30 price levels.

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Financial Disclosure:
The author/publisher has no position in oil at the time this article was written.

Base Chart Provided Courtesy of StockCharts.com.  Analysis and Annotation by JunkBond Recycling.com (all rights reserved)