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Hugo in HTO Trading,

Crude oil: Showing signs of weakness

Since the beginning of the year the commodity gain more than 28.0% however last week fell more than 4.0% but continues in a bullish phase since early May.

Last week the crude oil dived with a wide range and closed near the low of the week, furthermore managed to close below the previous week low, which suggests a strong bearish momentum.

Stochastic is showing an overbought market and is displaying bearish momentum.

Expecting an upward move to a weekly key level at 50.90 on a bounce from weekly support at 47.78 (scenario 1) however a break below the higher lime of the weekly support at 47.78 may push commodity price down to the low limit of the weekly support at 43.56 (scenario 2).