The Nymex crude oil market fell to a 17-month low late this week, as the steep price downtrend continues. In the past two months oil prices have dropped around 35%. There are no strong, early, near-term chart clues that a market bottom is close at hand in the crude oil market. However, there is some longer-term chart support at the $42.00 area that could put in a market bottom. But a move into the $30s per barrel cannot be ruled out. Stay tuned!