West Texas Intermediate is testing major support in the $42 to $43 price zone. There is a high probability this support zone will not hold which would put a test of the $40 price zone in play. If you need another negative, the 50-day moving average has crossed below the 200-day moving average: the old death cross.
Reference my last chart analysis for WTI posted on May 4, 2017.
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Long-term downtrend for the CRB Index
It currently is made up of 19 commodities as quoted on the NYMEX, CBOT, LME, CME and COMEX exchanges. These are sorted into 4 groups, each with different weightings. These groups are:
The index comprises 19 commodities: Aluminum, Cocoa, Coffee, Copper, Corn, Cotton, Crude Oil, Gold, Heating Oil, Lean Hogs, Live Cattle, Natural Gas, Nickel, Orange Juice, Silver, Soybeans, Sugar, Unleaded Gas and Wheat. The tenth revision of the index renamed it the Thomson Reuters/Core Commodity CRB Index, or TR/CC CRB.
https://en.wikipedia.org/wiki/Thomson_Reuters/Jefferies_CRB_Index
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