Crude oil breaks key support – Technical Analysis – 27-10-2015

Crude oil price continued to decline pushed by the continuous negative pressure of the moving average 50, to break 44.32 critical support, which represents 50% Fibonacci level of the medium term bullish wave from 37.75 to 50.89, adding more negative pressure on the price and confirming the continuation of the decline.

Therefore, we expect more decline in the coming periods to target 42.77 support that represents 61.8% Fibonacci level of the above mentioned bullish wave.