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Crude Oil Bearish Price Action

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Crude Oil technical picture is showing a loss of support at 81.90 and Bearish breakdown outside consolidation pennant range. Traders reacted to Ben Bernanke press conference last Wednesday by buying up USD and that resulted in broader commodities selloff.

Fed was expected to indicate a possibility of QE3 but instead they decided to add to Tharp programme. Current picture is very bearish with logical support at 76.14 which is October 2011 low. Alternatively if the market stages oversold bounce back the resistance is located at 81.90.


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