The trend is your friend. (Crude Oil)

NYMEX:CL1!   Light Crude Oil Futures
365 0 1
54.10 is the level to be observed closely. Once the level is broken,it may lead the crude oil             price move toward to 48.00.Furthermore, 48.00 would be my major support level to be observed and I would see the crude oil             price heading toward to 41.00 once the stated support level is broken.

Reason for short?
1. MACD showed a bearish and down trend signal.
2. Biggest oil             producer Saudi Arabia won't cut their production and OPEC has 'no fear' of oil             price slumping amid oil            
price war with Russia and US shale.

**API and EIA             weekly crude oil             stock report should provide us further clues on crude oil             price.

Happy trading and good luck traders. Cheers :)
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