Crude oil slipped under the 50w sma during the week for the first time since Jul-16. Price may meet support within the 42.00 - 44.80 S/R area and possibly breakdown over the next few weeks on turning momentum. Weekly bullish momentum is decreasing and may shortly turn bearish on a fall through supports.
The MACD formed a bullish up-cross during 1Q16 with histogram expansion until late 2Q16 . A distribution pattern formed during most of 2H16 and now we might finally get to see a bearish down-cross form over the next few weeks. Stochastic formed bullish HL's during 1H16 before entering the bullish continuation region (>80) mid-year. Formed a bearish LH during the wk and could become OB (<80) over the next few weeks.
