After failing several times to get over the $54 resistance, Oil has broken the upward trendline established in November. Initial support will be at the previous resistance of 51.47, and if that does not hold we could pull back to 200 day MA at 48 or previous uptrendline at 46. The break in the RSI pattern seems to confirm a further downside move.
Short Russell after negative divergence in the RSI as well as a possible evening star candle formation. Target would be the top line of the previous trading channel.
