Crude Oil (NYMEX) (H5) Intraday: break of a ST rising trendline support.
Pivot: 52.7
Our preference: Short positions below 52.7 with targets @ 49.65 & 48.6 in extension.
Alternative scenario: Above 52.7 look for further upside with 54 & 55.55 as targets.
Comment: The Crude Oil broke below a rising trend line (since Jan 29, 2015), which confirms a negative view. Furthermore, the 20-period moving average is declining and is below the 50-period one. In addition, the RSI indicator lacks upward momentum. As long as 52.7 is resistance, look for further downside to 49.65 and even 48.6 in extension.
