Oil down in 8 of past 9 days
Oil daily
WTI crude is down 18.5% this month.
There are a few levels of support that could spark a minor bounce here, or at least some stabilization.
- Psychological support at $47.00
- The April low of $47.05
- The March closing low of $47.60 was the lowest since 2009
- The 76.4% retracement of the March-May rally is at $46.88
- The daily/weekly/monthly RSIs are all at 30 or lower
I'm a big crude oil bear but I like waiting for a bounce to $50 or nearby before reloading for a trip down to the March lows.