Crude oil continues to decline – Technical Analysis – 22-10-2015

Crude oil price declined recently after breaking the short term bullish trend line, besides the continuous negative pressure of the moving average 50, and settling below 46.00 key resistance, accompanied by the relative strength indexes reach to the overbought areas, which hints the strength of the bearish trend on the intraday basis.

Our bearish outlook continues for Crude oil, to target 44.00 support level.