In the last two weeks June Crude Oil futures have come down nearly $5/barrel and are nowbelow that psychologically important $100 level for the first time since 4/8. As of this post the trend line that has been in place for several months is being breached and prices are trading under their 50-day MA -- the green line in the chart below. I anticipate further depreciation though I think it may be a good idea to manage the trade and lighten up and book partial profits for traders that are in bearish trade from higher levels. The 50-day MA, which had previously served as the floor, should now serve as the ceiling. Use the Fibonacci levels in the chart to help with price targets on bearish trade.
Also Watch
Outside of Crude oil I do think there are a number of bearish trade options in the energy complex. Below the Crude oil chart you will see a few different charts, spreads in the products in addition to WTI/Brent. For specific objectives and risk parameters please reach out.
Heating oil vs. RBOB:
Brent vs. WTI: