Crude Oil Technical Outlook - daily support above the $47/barrel figure

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.

• 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.