Crude Oil Sell Signal
Crude oil broke below a triple-bottom on Thursday July 7th and the price action today points to more downside ahead. Crude oil rallied early in US trading session and touched as high as $45.77 but has faded once again and is now trading at a session low. Investors loved risk today and think what will happen tomorrow when they turn more risk averse.
Crude oil marked the worst level since May 11, 2016.
The retest of the old range and nearly immediate failure is a negative short-term signal.
In the bigger picture, the July-October seasonal period is the worst time of year for the commodity.
Enter a short positon at 44.45, take profit at 43.10 and stop loss at 45.11