This rare reversal top pattern suggests to sell with both hands! With today's close below $99 per barrel for Crude Oil, it appears that we may have witnessed a false breakout higher yesterday. A move lower tomorrow for Crude (and USO) would confirm the bearish reversal and also coincide with a downside break of the bearish wedge pattern on both charts. Trade accordingly!
Oil ends under $99 as traders eschew risk (by Claudia Assis)
SAN FRANCISCO (MarketWatch) -- Crude-oil futures ended 3.7% lower on Thursday as investors avoided investments considered riskier and remained concerned about low demand for oil amid euro-zone woes. Crude hit a May high in the previous session but traders the next day re-evaluated their optimism regarding a pipeline deal. Crude for December delivery (c1z) declined $3.77 to end at $98.82 a barrel on the New York Mercantile Exchange. Natural gas kept gains, however, ending 2% higher as a weekly government inventories report showed a lower-than-anticipated increase in supplies.