Weekly price is on bearish breakdown for 51.58 support level breaking from above to below for the bearish trend to be continuing. Chinkou Span line is breaking the price for bearish breakdown to be continuing up to 45.17 as the next target in our case.
- Chinkou Span line is indicating the breakdown to be continuing.
- "Crude oil prices look poised to extend losses after a drop through the March low delivered the weakest levels in six months."
- "A daily close below the 61.8% Fibonacci expansion at 50.66 exposes the 76.4% level at 48.54."
If W1 price will break 51.58
support level on close W1 bar so the bearish breakdown will be continuing with secondary ranging.
If W1 price will break 45.17
support level on close W1 bar so the bearish trend will be continuing without secondary ranging.
If not so the price will be ranging between the levels.
Trend:
