Crude Oil Weekly Technical Report 3-7/6/2013

WTI Crude Oil is retesting 92.40 broken support level at the 200-days SMA, activating our previously suggested bearish scenario, which remains valid so long as 93.20 is intact over four-hour cloisng basis.

WTI crude oil has decisively broken 92.40-key support level, the 50-days and the 200-days SMA as well, accordingly completed a bearish formation. A retest of 90.10 is the main an initial downside target now, where pullbacks towards 92.40 could provide new opportunities to short the commodity.

** Short term (Less than three months)

** Chart is based on GMT+2 timing

Notes: 

*if price reaches within 20% from target before triggering entry, signal is canceled and not valid anymore.

*Allow for +,- 5 points margin