Weatherford INTL (WFT) has been trading in a rising channel since November 2016. However, price action is now cracking that channel's rising support, threatening to revisit the lows from 2016. However, there is going to be a critical support coming up, and we will have to see how the market reacts around this support to assess whether the bullish trend since November will continue or buckle.Weatherford INTL (WFT) Daily Chart(click to enlarge)Broken Channel:- Looking at the daily chart, we can see that price action has broken the pattern of higher highs and higher lows that was repeating since November. - Furthermore, price is breaking the rising channel support.- We may very well be seeing a bearish continuation.- The first area of support will be the 4.70-4.95 area. Then the 4.12 and 3.75 support pivots are next - or we can say 4.00 is the next target if price manages to clear below 4.70Key Support around 5.60:- Before price can get to 4.70-4.75, it will see a possible support around 5.65. This is where the 100-day and 200-day simple moving averages (SMAs) are clustered around.- Furthermore there is a support pivot around 5.50. - Lastly, the RSI will be around 40, or may even crack 40 if price moves to the 5.50-5.65 area.- If price can hold above this area, we should still consider the bullish trend since November to be valid.- However, be careful because there might be some very short-term rally that could get faded. This scenario would add to the likelihood that price will eventually retest the 2016 low.I think the market is going to return towards the 2016 low. I think at first we might see some choppiness, but once the market sees price unable to rebound, the bearish swing could be sharp. This has been the pattern since 2016, a period of consolidation followed by a sharp bearish swing. Now if price rebounds above 6.30, I would shelve the bearish outlook and anticipate a push towards 7.00, and possibly even 8.00.