potomacapitol
Long

$UWTI Daily Chart Review, Thoughts on Direction

NYMEX:CL1!   Light Crude Oil Futures
59 1 2
Heavy retracement last two sessions with few options left to salvage the week for bulls. Good chance of further downside really based on how 'investors' react to various MAs and if there are any catalysts in the key indices.
Technicals are worse than I expected, it's tough at this time to believe a move to the upside towards $50 is more likely than a $43 breach and retest of lows.
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