OIL Weakness (RECESSION)

Oil is showing significant weakness, for the past 8 years price was trading within this channel (the blue lines) it broke down during covid and up during the russian invasion, but now with all the significant events and geopolitical instability, price broke down and couldn't recapture it, as it acted as resistance, if oil fails and close a weekly candle below 65$, expect 50$ then 30$ then 17$ which means the worse.

We're most likely in a recession