Goldman Sachs on crude

WTI crude oil is up 2.6% today but it's still down more than 30% from seven weeks ago.

Goldman Sachs analysts zoom out on the chart and note the downtrend since the record highs in 2008 and how that may have foreshadowed the recent breakdown.

In particularly, they note the bearish key reversal on the monthly chart that mirrored one in 2011, which also marked a cycle top.

" In terms of levels to be aware of, WTI is currently breaking 50% retrace as well as the 200-dma at 52.18-51.47," they write, referring to half the move since early 2016.

The 61.8% support level isn't until $45.47 and there isn't much between.

"There really isn't much in terms of support," they write.