Crude Oil - Bearish from open and Sell 53.36 Rally, Stop 54.19

Alan Collins 3cAnalysis

Yesterday's bearish call for Crude did not prove correct. A sequence of 2 down days ended with profit taking developing – although the rally lacked the momentum to seriously test Monday’s Marabuzo line/13 day mvg avg. This keeps price fluctuating around the average line – not providing strong signals for sentiment. Nonetheless failure to rise again above the 13 day line is enough to provide a mildly negative backdrop and so this morning’s call is a Sell but leaving room to also Sell at 53.36. The risk is 54.19, Monday’s Marabuzo line, with downside objectives of 52.51, yesterday's low, 51.85 or even towards this month’s 50.99 low point.

Upside Capped

Author

Alan Collins

3cAnalysis

Alan has been involved in the financial markets for more than 30-years.

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