• Dow pattern- lower tops and lower bottoms: T1-B1-T2-B2
The downtrend is confirmed by the cross of MA10 below MA20.
Prices are trading below the at 49.90 the 61.8% Fib (resistance 1) and above the 76.4% Fib level at 46.90 (support 1).
Therefore, we will recommend SHORT POSITIONS for the no position holders on Crude Oil . Take profit at 45.00 (take profit 1) and at 42.60 (take profit 2). Stop loss should be a bit above the resistance level-R1, thus the stop loss is at 51.00.
For LONG positions, we will recommend to go long in case of a trend-line break (trend reversal).