WTI range lows are vulnerable

BofA Merrill Lynch notes in a report on Wednesday: 

• Since peaking on Feb-03 at 55.05 (basis CLJ5) WTI has fallen into a month long range. That range has been characterized by persistent lower highs. 
  
  
• This makes the range lows at 48.20/47.80 vulnerable to a downside break. Below here exposes long term trendline support at 46.28 ahead of the Jan-29 low at 44.37 and potentially beyond.