Oil Pivot Point
Crude Oil (NYMEX) (J5) Intraday: capped by a negative trend line
Most Likely Scenario: Short positions below 49 with targets @ 47.3 & 46.4 in extension.
Alternative scenario: Above 49 look for further upside with 49.85 & 50.6 as targets.
Comment: As long as 49 is resistance, likely decline to 47.3.