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Oil: Technical Analysis confirms for the downtrend.

Oil: Technical Analysis confirms for the downtrend.

Crude Oil WTI NYMEX:CL2!

Oil price was sideway for 4 months above the key support 44.

The main reason for this resilence comes from the resilience of USDollar0.00%% .

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.