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Crude Oil: On approach of 2015 low

Since the start of the year the commodity fell more than 20.5% and fell more than 4.0% this past week.

Last week crude oil fell with a narrow range, breaking below the weekly support and closed near the low of the week, suggesting a bearish momentum.

The Stochastic is displaying a bearish momentum and crossed below the 50 mid line suggesting some weakness in the commodity.

Crude oil continues in a well-established bearish phase since the beginning of the month and is trading below all three moving averages the 10, 50 and 200 week moving averages.

Expecting an upward move to year low at 37.74 on a break below previous week low at 41.54 (scenario 1) or a break above previous week high at 45.09 could push the commodity up to a key level at 50.90 (scenario 2).