Chart Prepared by Jamie Saettele, CMT
-The Fibonacci level (49.62) has failed to hold which is a warning that all is not well with crude oil. The trendline is the bearish trigger and has yet to break (been trading just above it for over a week). Also, the 200 day average has been useful for years and price is just below the closely watched average. Since August 2016, the dynamic has been for price to drop below the average and then turn higher. So, either price breaks the trendline and gets crushed or re-established back above the 200 day average and resumes higher. The barriers are set.