Crude oil breaks the bullish trend line – Technical Analysis – 21-10-2015

Crude oil price continued to decline on the intraday basis amid the negative pressure that comes by the moving average 50, which led to break the short term bullish trend line, adding more negative pressure that pushed the price for more decline, to break the key support 46.00 mentioned in our recent reports, with more negative signals that come by the relative strength indexes.

Thus, we expect more decline in the coming periods, especially in case the price settled below 46.00 level, to target 44.00 support level.