Oil - long term trend line

In this post is shown long term trend lines for Crude Oil and some Major Oil companies traded on NYSE.  It is interesting to see that many of these are flirting with the lower trend line supports. If the support provided by the trend lines are not decisively broken, it is likely that a turn around in prices is around the corner.

The below given monthly chart of WTI crude shows that crude just broke below its long term trend line. This may quite likely turn out to be a false break out. If it indeed is a false breakout prices need to very quickly rise back to be within the trend line.

WTI Crude

 Following are long term charts of some of the US Oil Major companies.

Chevron

Chevron is just touching its Long term trend line in blue. In vase it further falls below this, the longer term trend line support (red) comes somewhere near 75.

 Chevron

Exxon Mobile

The long term trend line support for Exxon Mobile comes at around 70.

Exxon Mobile

Halliburton

Halliburton has taken support at the blue trend line and has bounced back up from it.

 Halliburton

 Conoco Phillipe

Like Exxon Mobile, Conoco Phillipe is also not at its support at the trend line. But it is at 61.8% retracement level of the move it made from the bottom in 2009 till the July 2014 top.

COP

Royal Dutch Shell

Following is the chart for RDSa PLC (traded on NYSE). Last time in 2009  when it broke below the long term trend line, it quickly came back up to resume the up trend.

RDSa (PLC)