Pivot: 51
Our preference: short positions below 51 with targets @ 33 25 in extension.
Alternative scenario: above 51 look for further upside with 61.5 70 as targets.
Comment: Crude oil is under pressure below its declining 20-week and 50-week moving averages, which acts as resistance roles. The RSI is capped by a descending trend line (since 2011). Below 51, look for a further downside towards 33 and even 25 in extension.
Supports and resistances:
70 **
61.5 **
51 ***
41.65 Last
33 **
25 **
20 **
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