Crude Oil Eyes Top

 | Apr 02, 2019 01:45PM ET

Spot crude oil continued its upward swing Tuesday, hitting a high of nearly $62.50/bbl. Traders have finally stepped up and started to short the commodity based on the daily 200 moving average being tagged and a cross of the 50% Fibonacci retrace from the highs in September 2018 to the lows of December 2018. The weekly chart shows a classic bear formation as well. Expectations are for a near-term pull back on spot crude oil to $55/bbl.h3 United States Oil (NYSE:USO)/h3