As Nymex oil futures have set a six-year intraday low this morning, is a new leg down underway? We may actually have to wait until Friday to be sure. Four months ago , when looking at years-long price charts to find a potential bottom for Nymex oil futures, we noted that when crude bottomed after sizable declines the past two decades, it revisited those levels within several months. Before this past week, the lowest Friday closing low was Jan. 22’s $45.59 per barrel. It then rose a combined 16% the next three weeks before seeing a slow downtrend until last week, when the front-month Nymex April contract slumped 9.6% to $44.84. With today’s further decline, it might seem we are breaking support levels which date back to 1998’s lows. But look back at the past market bottoms. At the end of 2008, West Texas Intermediate finished Christmas week at […]