The other day I commented on crude oil futures (read it here). The weekly inventory report came out today; let’s revisit crude.
Below is the daily chart for May crude oil futures. Momentum is bearish today (green arrow) and MACD is at a bearish crossover (green circle around the crossover). This morning’s crude inventory report was bearish, but I’d argue that the market was set up for a selloff today. The trendline support came in at 48.04 today; the next support level to watch is the 50% retracement Fibonacci support at 47.04. With the bearish MACD crossover and the high level for momentum, further decline appears likely.
Boreaking the trend line
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