Monthly: Trading within a corrective channel formation. Trend line resistance is located at 75.13. Trend line support at 53.62. Selling pressure from 72.88 has resulted in all the initial rally being overturned. The potential reversal is between the 50 and 61.8% pullback levels (of 67.06 and 769.70)
Weekly: Price action formed a bearish Outside week, often an indication that the bullish trend is over or we should see at least a sustained correction to the downside. The trend of higher lows is supporting Crude Oil this morning.
Daily: The selloff has stalled at the daily Ichimoku Cloud. This is also an area that was pivotal through March and April (2018). Strong selling pressure on Thursday has left a bearish Marabuzo level at 69.02 (mid-point form open and close). Rallies above this area have been capped throughout April. This is our prime short entry zone. It should be noted that a 261.8% extension form current level is 54.29 (from 72.88 to 65.78) close to the monthly channel support.
