Hawkish FOMC minutes, a stronger greenback and higher inventories were enough to push WTI crude back below $70 yesterday. Momentum suggests the move isn’t over just yet. By yesterday’s close WTI had suffered its largest slip in 9-weeks. Still, its potential for losses had not gone without warning. Citing a key level for bulls to defend, we can see that the close below 72.98 did go on to confirm a bearish hammer on the weekly charts before losses ensued. The decline from its 4-year high (76.88) is now on its third leg and shallow retracements underscore bearish dominance. Moreover, momentum on this counter-trend move ... (full story)