Crude Oil - Technical Analysis: Wednesday, 17/05/2017 05:06 GMT

Crude oil price broke the intraday ascending channel's support line, which puts the price under the negative pressure again, on its way to test areas that start at 47.40 and extend to 46.00 on the near term basis.

Note that breaking the last level will push the price to achieve more decline that its main target reach to 43.50, while surpassing 49.05 represents the key to return to the bullish trend again.