Blake Morrow’s Chart of The Day – May 21st 2021

CRUDE OIL

Crude oil slipped below the ascending trend line formed since January. And this is now a risk for bulls for 3 reasons:

1. We have made a lower high on the daily/weekly charts in 2021. 
2. We rejected the 88% retracement of the March/May range.
3. This is also the highs from April 2019. 

If you have any crude sensitive currencies (i.e. NOK, CAD) you should be paying closer attention to crude moves in the coming weeks.