FXHighway
Short

Crude oil breaks the bullish trend

NYMEX:CL1!   Light Crude Oil Futures
42 1 2
Target: 45.62
Risk: 49.00

Technical Reasons:

Crude oil             price continued the pressure on the main bullish trend line until it managed to break it and closed the daily candlestick below it, to begin bearish correction for the bullish wave that started from 26.05 reaching to 51.67.

Therefore, the negative pressure will be expected for the coming period, and the correctional targets will begin at 45.62 and extend to 41.88 in case the price succeeded to break the previous level.

The exponential moving averages 50 and 100 provide negative pressure that supports the expected decline, besides the overbought signals that appear on stochastic now.

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The price bounced higher after being few pips away from our waited target at 45.62
Now, the way is open to regain the main bullish trend.
More details at the next report
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