Crude Oil About To Decline Further?

Crude oil price after rising above the $52 level against the US Dollar failed to hold gains and started a downside move.

The price declined towards $48.00, and formed a support base near $47.90. However, it is struggling to hold the stated level and remains at a risk of a break towards $47.50, which is the 1.236 extension of the last wave from the $47.82 low to $49.23 high.
On the upside, there is a bearish trend line with resistance at $49.20 on the hourly chart. If the price corrects higher, it is likely to face sellers near $48.40 and $49.00 for another downside move.

 

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