Light Crude Oil is currently forming a Symmetrical Triangle and trading within an uptrend channel.
The trend is still bullish with immediate resistance at about 61.81.
Support is between 54-55.
Crude Oil has shown a Bearish Engulfing at Down Trend Channel Resistance… Yummy! Have fun trading!
See last technical analysis of Crude Oil here. http://mystocksinvesting.com/commodity/crude-oil-brent/crude-oil-dead-cat-bounce-over-and-down-trend-continues/
Note: Down trend channel redrawn.
Interesting observation on Crude Brent Oil – Backwardation! Maybe something is brewing behind the scene. Opportunity for an Arbitrage trade.
Crude Oil is rejected at the support turned resistance level at about 47.41 after showing a Bearish Engulfing reversal pattern. The Dead Cat Bounce is over and the down trend continues. Very important support around 42-43. Breaking this support will make Crude Oil very very bearish! Happy Shorting!
See previous post Crude Oil: Dead Cat Bounce in Bear Market?