WTI crude oil down 86-cents to $44.55 after reaching as high as $45.77

Crude oil broke below a triple-bottom on Thursday and the price action today points to more pain ahead.

WTI rallied early in US trading and touched as high as $45.77 but has faded once again and is now trading at a session low. That marks the worst level since May 11.

The retest of the old range and nearly-immediate failure is a negative short-term signal. In the bigger picture, the July-October seasonal period is the worst time of year.

The target I expect to see tested is $43.03, which is the May low and near the 100-day moving average, which is currently at $42.86.