NYMEX Crude oil rallied nicely in the months of February and March. After hitting a high of $42.49, it witnessed a short-term correction, which found support near the junction of 40 DEMA, daily lower Bollinger Band and the 38.2% retracement mark. Consequently, oil started its next leg of rally and crossed another high of $50.92. However, it could not sustain the rally and retreated, breaking a crucial rising trendline. The short-term momentum indicator shows negative divergence and has triggered a bearish crossover. Unless the high of $51.67 is surpassed, oil can fall back again toward $46.50 -$43.45
