Below looks at crude oil on a monthly closing basis since the early 1980s.
Crude started tanking in 2014 and its low earlier this year happened at dual long-term support at (1) below.
Two support lines that date back over a decade came into play at (1) and so far have held. Crude remains in a down trend, which is being tested at this time.
Crude oil is trying to breakout of a two-year falling trend at (2).
Crude and stocks have had a high degree of correlation over the last few years. What crude does at (2) could have a significant impact on stocks going forward.