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Daily price is on bearish market condition with below of 100-period SMA and 200-period SMA:
- the price is on bearish ranging between 54.27 resistance and 42.18 support levels;
- price is breaking daily support at 47.39 for the bearish trend to be continuing.
- "Crude oil appears poised for deeper losses after prices slipped below chart support above the $47/barrel figure. The Brent crude contract found resistance below the $55/barrel figure and turned downward having launched a sharp corrective recovery after plunging to a six-year low in late August."
- "From here, a daily close below the 50% Fibonacci expansion at 45.58 opens the door for a test of the 61.8% level at 43.52."
- Nearest support levels are 47.39 and 42.18;
- Nearest resistance levels are 52.40 and 54.27.
Resistance | Support |
---|---|
52.40 | 47.39 |
54.27 | 42.18 |
- If weekly price breaks 47.39 support level so the primary bearish will be continuing up to without ranging up to 42.18 as the next bearish target.
- If not so the price will be moved in ranging condition within the levels.