A monthly chart view has been presented here to understand the bigger wave structure that is unfolding. Crude Oil has rallied in 5 waves through the years 1998 and 2008 as seen here. It should ideally be followed by a 3 wave corrective decline, which is now in its 3rd wave and is trading around 37.00 levels for now. The minimum requirement if to drop below 32.50 levels, which was the 2008 low. Hence the expectations are for Crude to drop until 25.00 levels which is also finding the fibonacci 0.88% support as shown here. So the commodity still has room left on the down side from current levels and short term opportunities are still on the short side. Immediate support s seen at 25.00 levels, while resistance is around 51.00 levels respectively. Also note that RSI is showing bullish divergence, which indicates that the current leg should be the final one lower and a multi year uptrend should begin after that. [Tip: Check out latest events in forex calendar]
Flat for now.