Tanalys

Crude Oil (NYMEX) (J5) ST: key resistance at 55.

Pivot: 55

Our preference: Short positions below 55 with targets @ 44 40 in extension.

Alternative scenario: Above 55 look for further upside with 64 70 as targets.

Comment: As long as 55 is resistance, look for choppy price action with a bearish bias.

Supports and resistances:

70 **

64 **

55 ***

49.26 Last

44 **

40 **

36.8 **

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