CRUDE OIL Price Action Analysis - triangle pattern to be crossed to breakdown

W1 price is located below 200 period SMA and below 100 period SMA for the primary bearish with secondary ranging between 45.17 support level and 69.57 resistance level:

• Triangle pattern was crossed by the price together with 60.08 support level from above to below for the bearish to be continuing;
• The price is ranging between 45.17 and 69.57 levels;
• If weekly price will break 45.17 support level so the primary bearish will be continuing, if weekly price will break 69.57 resistance level - we may see the secondary market rally as a local uptrend within the primary bearish market condition. If not - the price will be ranging within the familiar levels;
• the value to reversal to the total bullish is 90.50;
  
• “Prices are digesting losses after issuing the largest daily decline in over seven months. A break below the 61.8% Fibonacci retracement at 54.50 exposes the 76.4% level at 50.94.”

Trend:

• D1 - bearish breakdown
  
• W1 - ranging bearish
• MN1 - ranging bearish