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WTI Crude Oil - More Bearish Continuation Signals

Oil prices are looking down again after a couple months of consolidation since the end of August, after it made a low on the year at about 37.80. It has since come back up and tagged 50 earlier in October. However, as we can see in the daily chart price was rejected at 50, as it also respected the 100- and 200-day simple moving averages. With the daily RSI held under 60 for the most part, the turnaround at 50 suggested that bears were still in charge. 

WTI Crude Oil 10/26 Daily Chart 

(click to enlarge)

Now, price is crossing back below the 50 SMA. A break below 43 would clear the consolidation support since September. The RSI would also likely return below 40. These would be additional signs of bearish continuation and would put the 37.80 low back in sight. Has oil price bottomed yet? Price action suggests we can see further downside, even into new lows on the year.