Crude Oil continues to decline – Technical Analysis – 11-11-2015

Crude oil price showed more decline on the intraday basis after settling below 44.32 resistance, which represents 50% Fibonacci of the medium term bullish wave from 37.75 to 50.89, pushed by the negative moving average 50, noticing that the relative strength indexes reach to clear oversold areas.

Therefore, we expect more decline in coming trading on the intraday basis, targeting the critical support 42.77, which represents 61.8% Fibonacci of the mentioned medium term bullish wave.