Crude Oil keeps declining – Technical Analysis – 13-11-2015

Crude oil price continued to decline recently amid trading inside descending channel that dominates the short term trading, to break 42.60 level, with more negative pressure that comes by the moving average 50, besides the relative strength indexes reach to big overbought areas, accompanied by forming negative divergence on stochastic.

Thus, we expect more decline in the coming trading as long as the price is below 42.60, targeting 39.40 support line.