dp
Short

WTI crude oil mid-term bearish signs

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FX:USOIL   Crude Oil (WTI)
77 0 0
Weekly bearish engulfing candle annihilates 3.5 weeks of up-swing.

The key to the development is breaking below 91.74, which requires prior breaking of down-sloping blue trend line. If that is realized, one can expect AB=CD with the target around 82.5 withing 7 weeks.

The idea is supported by increased oil             production by Lybia and (supposed-to-be) by Iran in the conditions of stagnant world consumption and decreased mid-East tensions.
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