WTI Crude bounced off the upper-level 39.20 - 42.70 support/ resistance area and is currently trading above trend line support. Has not shown any real direction since 2Q16. Weekly momentum has a bearish lean. Confirmation would be a breakdown in price below 39.20 - 42.70 S/R area. However, looking pretty neutral at the moment..
MACD formed a bullish up-cross earlier in the year. However, bullish momentum has been decreasing since just before mid-year and has been neutral over the past few months. Has been looking slightly more bearish over the past few weeks. Stochastics formed bullish higher-low's during 1H16. Has since become over-bought a couple times during 2H16. Weekly momentum has turned bearish over the past couple weeks. Possibly more downside to come.
