TA: -RSI Bearish Divergence seen clearly on daily -MACD, Stoch(blue on PTS) Divergence too -CCI going down, bearish -ADX is showing lack of bull trend strength, bear trend rising
FA: -EURO WILL GO TO PARITY, very strong dollar coming up in june, see EU related post -Inventory data too negative, will now likely shoot up, Api should show from -5.2 to something less negative, making oil bearish -US rate hike, GREXIT possibility, can make dollar strong
IF this bearish scenario fails, then oil will continue to stay in channel. The only way oil breaks up above 62-63, is a weaker dollar than before. OIL needs to break above 200EMA on daily, which is at 64$, for oil to become bullish. Until that happens, oil stays bearish or in channel mode.
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