Sforex
Short

Oil: Technical Analysis confirms for the downtrend.

NYMEX:CL2!   LIGHT CRUDE OIL FUTURES
174 0 2
Oil             price was sideway for 4 months above the key support 44.

The main reason for this resilence comes from the resilience of USDollar             .

However, I think the resilience of oil             should finish.

In this article, I concentrate in Technical Analysis .

The key resistance is at 41.50, I think oil             price can't pierce this resistance in the near and medium term, so the bias to trade oil             is still SELL

Look at on the chart, Oil             price bounced from SMA100: A meaningfull resistance we should watch.

It also moves inside the Kumo cloud : potential for break the cloud.

Candlestick pattern : Three crows candlestick pattern : This is a bearish pattern .

In my opinion, oil             begins a new downtrend; this is a real trend which will drive oil             back to 40.
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