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

Boreaking the trend line Crude Oil Futures, Revisited

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