Oil Price to Resume Downtrend
There was a lot of pressure on the Crude Oil Price as it fell below $45 against the US Dollar before starting a recovery.
The price traded as low as $43.99, and then started a correction. It moved above the 23.6% Fib retracement level of the last decline from the $49.41 high to $43.99 low.
The upside gained momentum, but failed near two major bearish trend line at $47.40. Also, the 100 hourly simple moving average and the 61.8% Fib retracement level of the last decline from the $49.41 high to $43.99 low acted as a resistance.
So, there is a high chance that the price may resume its downtrend and trade back towards $45.00.
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