Crude Oil: On its way to reject the pennant...

NYMEX:CL1!   Light Crude Oil Futures
Crude failed to breach the top of the pennant today, and went south back to the Orange Trend line . Low volumes were a clear sign that Oil             won't breakout the Pennant .

Breaching the Orange trend line will lead to the rejection of the pennant , with 40.26 as an objective, and 42.71 as a primary objective.

The commodity will find resistance around its EMAs. Breaching its EMAs will send the commodity back to the top of the Pennant .

Crude's daily Pivot Point is around 45.33. The daily support levels are around 43.52 and 42.32. The daily resistance levels are around 46.53 and 48.34.
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