Crude tested higher this morning after the weekly inventory report showed a bigger than projected sell-off of inventory. However, WTI Crude failed to maintain it's bullish
run and ended the day below the 2 important key levels. Those levels are the 21 day moving average @ 48.41 and the monthly pivot
@ 48.13. And while the Elliot Wave
Oscillator has not yet crossed below the 0 line, the haDelta indicator has printed a new magenta dot which indicates a new downward wave is starting. This gives the confluence of 3 technical indications to support the move down to the 45 to 45.50 price area.
Nice downtrend now on the Heikin-Ashi chart.
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Disclaimer: This post is for educational purposes only. Trading is at your own risk.