Oil collapsed during the regular trading session and continues to fall overnight. Oil had hit a key 61.8% Fibonacci retrace level to the upside this past Friday, which signaled the likely fall. Technical analysis once again proves dread on. So where is the downside target? Where will oil find major support? The level is $41.00. The reason is a simple trend line connecting the recent lows. When oil hits this level, a strong bounce will be highly likely.