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.