June 17, 2016

CRUDE Oil chart update

  • Crude oil daily chart getting support at 50 Day SMA for now.
  • Weekly bearish setup remains intact. The bearish inverted hammer is followed by another bearish candle.
  • One hour cloud is getting tested. Price if remains below it may be followed by another wave of selling. If price manage to close above the cloud a bigger bounce from 50 SMA can be seen.