NYMEX:CL2!   CRUDE OIL FUTURES (CONTINUOUS: NEXT CONTRACT IN FRONT)
Hi all
First a thanks and congratulations to fellow trading view member - The_Unwind, who two weeks ago sent me a private message saying Crude Oil could turn in the 72 to 73 area based on a .382 retrace of the entire Crude Oil bear market. A perfect .382 retrace is at 73.30, the high last week on the weekly chart was 72.90.

The turn last week came on a significant weekly RSI bearish divergence.
Also Crude Oil has a very reliable seasonal top in early May followed by a sharp initial decline. The drop came just two weeks past an ideal seasonal top.
The next significant seasonal bottom is in the November - December time zone. There could be a small seasonal bounce July - August. If this happens and prices don't exceed 72.90 it could be a good entry point to short.

There's significant Fibonacci and chart support in the 54 -57 area. This is the primary target for a seasonal correction bottom.

The weight of the evidence from three of the four market dimensions is bearish for Crude Oil .

Price dimension: Fibonacci resistance holds.
Momentum dimension: Weekly RSI bearish divergence.
Time dimension. Seasonally bearish May - December.


Mark
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