Oil (5K) 45.26
Oil To continue its down trend after breaking its previous trading range
Market has corrected to 47s levels yesterday , but has been sold of once it touched the downtrend as shown on the chart ; the more downward pressure on oil still existing and market fundamental of energy sector has not been changed which mean the downtrend is expected – or to be more accurately expect a trading range between the 43 and 46.70 levels with downward slope of that range .
in case the market has broken the lowest levels achieved at 43.70 levels the more drop is coming toward 42 / 38 levels ( most probable scenario – however , higher breakout above the levels of yesterday high at 46.50 means back to 50 /55 dollar for each barrele will be the coming target.
Market still holding drop pressure over WTI where Global economic slowdown with reducing expected Oil demand add more drop pressure
market has broken the recent major support of 45s levels as shown ( previously had broken the consolidation pattern ) ; on the short-term we do expect a lower levels of 42 and 38 respectively as long as market below 48 ( which considered on the mid-term pivotal area )
Daily Trend: Down
Weekly Trend: Down