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Bearish developments in crude oil

Crude oil continues to oscillate about its crucial weekly moving averages. The oscillations are taking place in between two converging trendlines. In terms of the price pattern, the oil has formed a large distribution triangle. The oil has moved up to complete the last leg of the pattern. It has crossed the upper end of the pattern by a small margin, thus making a throw over. After the throw over, the oil in the last week has formed a bearish outside bar, thus marking beginning of the next leg down. Last week’s high of $99.01 will now act as a reversal level for the bearish view. Overall, the oil is expected to fall towards $85.61-$77.28.

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