Crude oil tested the high of $103.4; however the bears brought in selling pressure. Consequently the oil could not sustain at the higher levels. It has formed an‘engulfing bear’ on the weekly chart. From the high the oil has fallen towards the key daily moving averages.The daily momentum indicator has triggered a bearish crossover. Hence unless the high of $103.75 is crossed on a closing basis crude is expected to trade with a bearish bias. Overall the oil is expected to test the low ie $92.5 and can potentially fall below that.

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