Loss of bullish momentum as prices neared $48.34 (50% Fibo retracement of the fall witnessed from May 2015 high to Jan 2016 low) opened doors for a drop to rising trend line levels.
Despite sharp drop seen yesterday and in early Europe today. charts indicate bulls remain in control, more so because rising trend lines support at $45.05 and $44.59 is intact.
A daily closing below $44.59 would indicate short term bullish invalidation, which could be followed by a sideways to bearish action.
On the other hand, bulls need to watch out for a rebound from rising trend line this week as that could put resistance at $48.34 to test.