Crude Oil: Bearish Engulfing at Down Trend Channel Resistance

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: Dead Cat Bounce Over and Down Trend Continues….

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?