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TFC Commodity Trading Forum

May Crude/Continues to look bearish *PIC*

May Crude broke below $104 support along with breaking its 6 month uptrendline and closing below the 20ema that has rolled over. Price has bounced back only to tag the underside of the 20ema along with trying to re-clear $104 and failed much like falling through the ice and bumping up against it on the way back up. Price would need to re-clear $104 AND clear the downtrendline to regain the old uptrend again. Meanwhile price action suggests a selloff to $92 to $93 price area which is inbetween the Fib 50% and 61.8% retracement levels. At the very least price should pullback to the Fib 38.2% level at the $98 price area. Not looking bullish for Crude since the recent breakdown despite the bullish seasonal trend charts. Price needs to prove itself to be bullish again and so far it's not acting like a bull anymore.