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Weatherford Intl (WFT) Continues to Hammer at the 2016 Low

Last time we looked WFT in April, we saw that it broke below a rising channel support, which opened up the 2016 low. Indeed, price continued to decline until the 2016, where it has stalled since June.

WFT Daily Chart

(click to enlarge)

At 2016-Low:
- As we can see on the daily chart, price is now hammering and cracking the 2016 low without any real signs of a bullish rebound.
- If price does jump back up above 4.15, we might want to anticipate a period of consolidation. 
- Otherwise, all signs point to a new low on the year, being that the prevailing trend has been bearish as we can see on the weekly chart below.

WFT Weekly Chart

(click to enlarge)