Crude prices fell in the intraday levels, breaking through a negative technical pattern that is contradictory to the main upward short-term trend, the Rising Wedge pattern, coinciding with trespassing the SMA50, doubling the negative pressures on the coming trading, while relative power indicators have reached extremely overbought levels compared to prices' upward movement.

Therefore we expect more losses to come for crude, targeting the first support to meet it at 37.60.

Trend Bearish