Oil has been on a near-straight-shot lower since the summer, when prices stood at $105. If the charts are to be relied upon, the slump could be ready to end–at least for the time being. For those into technical trading, there’s a line which nicely connects 1998′s lows for Nymex oil at around $11/barrel with the post-9/11 bottom near $18 and the $33.85 nadir seen in early 2009. That line extends to the $53-54 area today, meaning very long-term support could soon be at hand with January futures falling below $56 on Monday to reach depths not seen since 2009. In both of last decade’s bottoms, shares initially bounced higher after hitting the support line but returned to it within a couple months. Only then did sustained rallies begin. Copyright 2014 Dow Jones & Company, Inc. All Rights Reserved This copy is for your personal, non-commercial use […]