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.

  1. Psychological support at $47.00
  2. The April low of $47.05
  3. The March closing low of $47.60 was the lowest since 2009
  4. The 76.4% retracement of the March-May rally is at $46.88
  5. 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.