Crude oil leans on key support – Technical Analysis – 26-10-2015

Crude oil price continued to decline on the intraday basis, to reach 44.32 key support that represents 50% Fibonacci for the bullish wave from 37.75 to 50.89, with more negative pressure that comes by the moving average 50, moving within sideways range recently, hinting a break to the mentioned support.

Therefore, we expect crude oil price to decline in the coming periods, especially after breaking 44.32 support, to target 42.77 level that represents 61.8% Fibonacci of the mentioned bullish wave.