West Texas Light Crude (WTIC) - Breaks Potential Support on Weekly Chart?

Another quick update - this time on West Texas Crude (WTIC).  The following weekly chart updated from last week's post indicates that WTIC broke through potential support and that the next support on this weekly chart may be around the $45 level. 

Will it fall this far?  I don't know.  But in order for me to invest in oil there would need to be a support line in place just below my entry price - and this one is a ways down from the current price. 

I am currently using weekly charts on this commodity because in the past support and resistance lines on daily charts were apparently less meaningful (as they were transcended easily).

click chart to enlarge

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The author/publisher has no position in oil at the time this article was written.