Crude Oil Price Action Analysis - ranging for breakdown

W1 price is located below 200 period SMA and 100 period SMA for the primary bearish with secondary ranging between 46.22 support level and 54.00 resistance level:

• The price is ranging between 46.22 support and 54.00 resistance.
• descending triangle pattern was formed by the price to be crossed for the bearish trend to be continuing.
  
• If weekly price will break 46.22 support level so the primary bearish will be continuing with 42.18 as the next bearish target.
• If weekly price will break 54.00 resistance level so the secondary rally will be started within the primary bearish market condition.
• If weekly price will break 69.57 resistance level so the bullish reversal of the price movement may be started with the secondary ranging condition.

Trend:

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