Crude oil continues to decline – Technical Analysis – 14-10-2015

Crude oil price declined yesterday and by today’s opening, attempting to seek new bottom to lean on it and rally bullishly again, while its moving within main short term bullish trend along the uptrend that appears on chart, affected by the negative pressure that comes by the moving average 50, to approach from the critical support 46.00.

We continue to expect more decline for oil, targeting 46.00 support, and we need to stay aside when reaching this level, waiting to monitor the price behavior to detect the next trend.