Following the less than charming Chinese manufacturing figure last night oil has taken the brunt along side copper which is down over 1.5%.
Brent crude is down nearly $1.50 on the day and nearly $3.50 since yesterday. The poor US PMI got the ball rolling yesterday and if we see a weak ISM today we can expect further losses in commodities.
As we can see from the H4 chart we broke the bottom of a the short term channel and this has halted the high today. We’ve broken down through the 38.2 fib of the 17/30 April lo/hi at $101.21 and are testing support at $100.70/80 with the 50 fib below at $100.36.