![Crude Oil Price Action Analysis - bearish to the next target Crude Oil Price Action Analysis - bearish to the next target](https://c.mql5.com/6/682/splash-647029.jpg)
![Sergey Golubev Sergey Golubev](https://c.mql5.com/avatar/2012/12/50D09349-3D90.jpg)
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W1 price is located below 200 period SMA (200-SMA) and 100 period SMA (100-SMA) for the primary bearish market condition. The price is trying to break 48.19 support level to go to 45.17 as the next target:
- Symmetric triangle pattern was broken for breakdown;
- Chinkou Span line crossed the price from above to below for good breakdown possibility in the near future;
- "A daily close above the 14.6% Fibonacci retracementat 51.34 exposes the 23.6% level at 53.27."
- "Alternatively, a move below the 48.22-54 area (76.4% Fib expansion,
August 10 low) opens the door for a test of the 45.11-17 zone (100%
expansion, January 13 low)."
Trend:
- D1 - bearish
- W1 - bearish
- MN1 - bearish breakdown