Crude Continues Lower

em>Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Crude futures are trading lower by $0.60 at $51.73 in Wednesday's session. The contract which has shed $5 since Thursday's close of $56.93 opened higher in the after hours session but has been in full retreat ever since. In fact, from 10:30 to 10:45, it shed over $1 falling from $52.64 tp 51.49, putting in a low for the day so far at $51.38. Since making the low, it has not been able to rebound above $52. The current low is still well above Tuesday's low in which the selling crescendo was halted at $50.58. The last time Crude traded under $50 was on April 1, when it bottomed at $49.82 and rallied to $56.75 over the next three trading sessions. The low for the move based on the August contract stands at March 18 low of $46.79.