Oil...March lows taken out...look for support around $43...

Oil made a big move down after breaking the March lows around $47.75. There will probably be support around the $43 level if it trades that low because this level was support in September and November.  Both times were followed by a significant rally.

Oil has been trending lower since breaking $51 on April 19th.  This level has been important for almost two years.  It was resistance in October of 2015, and then again in June and October of 2016.  Then it was support from December through early March.  The low in March was around $47.75 and that level was broken today.