Crude Oil: bearish breakdown. The price is
on primary bearish market condition located below 100 period SMA (100 SMA) and 200 period SMA (200 SMA). The price broke 46.22 support level from above to below for 42.18 as the next bearish target.
- if the price breaks 54.00 resistance so we may see the secondary rally within the primary bearish market condition;
- if the price breaks 42.18 support level so the primary bearish will be continuing without ranging up to the new 'bottom' to be forming;
- if not so the price will be moved within the channel.
| Resistance | Support |
|---|---|
| 54.00 | 46.22 |
| N/A | 42.18 |
