Pivot: 94.85
Our Preference: Bearish below 94.85 with targets @ 84 77.3 in extension.
Alternative Scenario: Above 94.85 eye a bounce towards 98.1 and 100.6 in extension.
Comment: the May Crude oil has broken below its rising trend line, turning the outlook bearish.
Trend: ST Bearish; MT Range, we have been bearish since 17 APR 2013 (87.4).
Key levels Comment
100.6 Horizontal resistance
98.1 Horizontal resistance
94.85 Pivot point
87.4 Last
84 Fib retracement (38.2%)
77.3 Horizontal support
73.4 Fib retracement (50%)
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