Crude oil fell during the week after a possible false BO occurred above TL resistance - which then subsequently found support near the 50w sma. Weekly momentum has turned bearish increasing. Unless Crude has a BO above recent highs, there is an opportunity to get Short on a fall under $47 support over the next few weeks.
The MACD formed a bullish up-cross during 1Q16 with histogram expansion until late-2Q16. A distribution pattern formed during most of 2H16 and has finally formed a bearish down-cross over the past week - after three earlier attempts. The Stochastic formed bullish higher-low's during 1H16 before entering the bullish continuation region (>80) during mid-year. Has formed bearish lower-high's since mid-1Q17 and become OB (<80) over the past week.
