quantguy
Short

The Bears are still in full force on Crude

NYMEX:CL1!   Light Crude Oil Futures
There seems to be no shortage of bearish news on Crude oil             lately. In fact, today's 'dark cloud cover' candlestick pattern is a bearish rejection of the level formed by Friday's close proves the little rally we saw on 2015-01-22 was merely just a short covering frenzy.

Almost all the technicals indicate we are in a solid downtrend. The Aroon indicator is still at almost maximum divergence, and the ADX indicates a very strong downtrend. Although the MACD seems to have crossed, the strength of today's rejection shows its not likely to last. The OBV indicates strong selling pressure, and the RSI confirms this might be a good time to enter a short position.

Also note that it closed below the important psychological and technical level of $30, as it is consistently breaking lower lows.

The only concern is the distance from the Ichimoku cloud . Typically, this amount of distance may indicate a rally is near as we saw on 2015-08-27.

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