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Crude: Rejection Day part 2...

Crude: Rejection Day part 2...

Crude Oil WTI NYMEX:CL1!

Oil seems to have rejected the pennant, it cut through 44.85, which will send Oil back to 40.26, with 42.71 as a primary objective.

Only by breaking through its EMAs, Oil will be sent towards 46.65, which breaching will induce a rally with 51.54 as an objective.

The EMA10 is cutting the EMA20, which suggest the trend to becoming bearish . Volatility was low yesterday, so were volumes.

Crude's daily Pivot Point is around 44.75. The daily support levels are around 44.01 and 43.55. The daily resistance levels are around 45.21 and 45.95.