oil bulls failed to capitalize on the multiple closes above the rising trend line coming from 1998 low and 2009 low and a bullish break on the daily RSI...
Prices are back below the rising trend line support, suggesting a sell-off is in the offing ahead. Also take note of the monthly 50-MA and 200-MA heading towards a bearish crossover.
A drop to $46.85 (support offered by the trend line drawn from Aug 2016 low and Nov 2016 low)looks like a done deal.
A break below $46.85 would open up downside towards sub-$40 levels.
Prices are back below the rising trend line support, suggesting a sell-off is in the offing ahead. Also take note of the monthly 50-MA and 200-MA heading towards a bearish crossover.
A drop to $46.85 (support offered by the trend line drawn from Aug 2016 low and Nov 2016 low)looks like a done deal.
A break below $46.85 would open up downside towards sub-$40 levels.
