![\"ICE](\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2012\/2012-05-09-brent.png?w=525&ssl=1\")
<\/p>\nBoth Brent Crude and Nymex Light Crude are falling, with signs that the global economy is slowing and that tensions with Iran are easing. Brent is close to the 61.8% Fibonacci retracement level and a fall below $110\/barrel would test primary support at $100. Reversal of 63-day Twiggs Momentum below zero would warn of a primary down-trend — and confirm a European recession. Recovery above $115 remains as likely, however, and would suggest a new primary advance.<\/p>\n
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Nymex WTI Light Crude has already penetrated its rising trendline and support at $103\/barrel. Reversal of 63-day Twiggs Momentum below zero would strengthen the bear signal. Failure of support at $96 would confirm a primary down-trend — and warn of US recession.<\/p>\n
![\"Nymex](\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2012\/2012-05-09-wti.png?w=525&ssl=1\")
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Both Brent Crude and Nymex Light Crude are falling, with signs that the global economy is slowing and that tensions with Iran are easing. Brent is close to the 61.8% Fibonacci retracement level and a fall below $110\/barrel would test primary support at $100. Reversal of 63-day Twiggs Momentum below zero would warn of a … <\/p>\n