Crude Oil Price Action Analysis - bearish to the next target

W1 price is located below 200 period SMA (200-SMA) and 100 period SMA (100-SMA) for the primary bearish market condition. The price is trying to break 48.19 support level to go to 45.17 as the next target:

• Symmetric triangle pattern was broken for breakdown;
• Chinkou Span line crossed the price from above to below for good breakdown possibility in the near future;
• "A daily close above the 14.6% Fibonacci retracementat 51.34 exposes the 23.6% level at 53.27."
• "Alternatively, a move below the 48.22-54 area (76.4% Fib expansion, August 10 low) opens the door for a test of the 45.11-17 zone (100% expansion, January 13 low)."
  

Trend:

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