Below is a weekly chart of Crude Oil WTI Futures.
Crude oil fell during the week - breaking below the 50w sma and bouncing off TL support. A break below TL support and $47 would further confirm bearish bias. Weekly momentum remains bearish increasing. Again, 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 recently formed a bearish down-cross over the past couple weeks - 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 1Q17 and become overbought (<80) over the past couple weeks. Continuing its bearish descent.
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Below is a weekly chart of Crude Oil WTI Futures. Crude oil fell...
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