Crude oil breaks the bullish trend – Technical Analysis – 16-06-2016

Crude oil price continued the pressure on the main bullish trend line until it managed to break it and closed the daily candlestick below it, to begin bearish correction for the bullish wave that started from 26.05 reaching to 51.67.

Therefore, the negative pressure will be expected for the coming period, and the correctional targets will begin at 45.62 and extend to 41.88 in case the price succeeded to break the previous level.

The exponential moving averages 50 and 100 provide negative pressure that supports the expected decline, besides the overbought signals that appear on stochastic now.