The trend is your friend. (Crude Oil)

NYMEX:CL1!   Light Crude Oil Futures
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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