Target: 42.00
Risk: 47.80
Technical reasons:
The continuation of the strong decline pushes crude oil price to approach the expected target at 45.00, with signal of opening the door to visit the previously recorded low at 42.00.
The negative pressure that comes by the exponential moving average 50 supports the continuation of the bearish trend, while consolidating below 47.80 is important to continue the decline.
Risk: 47.80
Technical reasons:
The continuation of the strong decline pushes crude oil price to approach the expected target at 45.00, with signal of opening the door to visit the previously recorded low at 42.00.
The negative pressure that comes by the exponential moving average 50 supports the continuation of the bearish trend, while consolidating below 47.80 is important to continue the decline.