Crude oil continues to fall with bearish momentum gaining pace since its relief rally ended a few weeks ago. Weekly momentum remains bearish increasing as it has since early-Q2. A break below recent lows in the mid-43's would confirm bearish bias, as would a further breakdown below the $42 S/R line, which it should reach during mid-year.
The MACD formed a bearish down-cross during early-Q2 with an expanding negative histogram. After finding some support during mid-Q2, has continued its decline over the past couple weeks with the histogram recently recommencing bearish expansion. The Stochastic formed bearish lower-high's during late-Q1 within the bullish continuation region (>80) until falling out and becoming overbought (<80) during early-Q2. Continuing to form bearish lower-high's on its descent.
