WTI crude oil drops sharply today, following broad based risk aversion. Considering bearish divergence condition in 4 hour MACD, and the proximity to 50 psychological level, a short term top could be formed at 49.25. Break of 45.66 support will confirm this case. Deeper correction would be seen to cluster support level at 43.50, 38.2% retracement of 33.50 to 49.25 at 43.23. Nevertheless, strong support from 45.66 could set the stage for another take on 50 before topping.
