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It is always darkest before the dawn.

In other words, the energy market could see crude-oil prices tumble further in the coming days after closing near seven-year lows on Monday, when January West Texas Intermediate crude

CLF6, -2.50%

 tumbled $2.32, or 5.8%, to settle at $37.65 a barrel.

At least one chart pattern followed by technical analysts is pointing to more pain for the WTI contract as oil tilts below $37 a barrel in early Tuesday trade.

The so-called Marubozu formation is pointing to much lower trading levels for oil traded on the New York Mercantile Exchange, said Fawad Razaqzada, technical analyst at

In simple terms, Marubozu is a candlestick-chart pattern in which a security trades strongly in one direction and closes at or near its high or low. It is usually represented by a long candlestick, as we can see in the following chart below:

A Maribozu candlestick appeared in WTI oil on Monday.

A Marubozu candlestick pattern indicates that trading was driven entirely by buyers and sellers, and can offer a window into how the asset will trade in following sessions.

In the case of Nymex crude’s trading on Monday, the Marubozu trading pattern points to a distinctly bearish trend as traders unloaded their oil-futures contracts, driving the battered commodity lower, to close around the low of the day.

Razaqzada said that he’s expecting WTI to hit a possible low of $34.20/bbl., based on a Fibonacci extension level pegged to levels between August lows for crude and higher levels reached in October.

Offering a more optimistic view on Tuesday, Tom Kloza, co-founder of Oil Price Information Service, said he believes oil may be close to a bottom. “My hunch is that probably WTI is pretty close to a bottom—somewhere between the $32.60[/bbl.] or so that we saw in the Great Recession and where we are today,” Kloza told CNBC during an interview in the morning in New York. “This is the final innings I suppose,” he said.

Still, that would mean oil could see another drop of about $5, which could prove particularly painful for U.S. shale-oil producers. Read: Oil’s drop below $38 may cause a world of hurt for U.S. shale