Oil (5K) 47.70
Oil To continue its down trend after breaking its previous trading range
Market now in a consolidation pattern ( ascending triangle – which means after the break of the 46.30 levels and the big drop the market consolidate itself and a distribution phase is taking place.
Market would be also considered at a range between the levels of 47.20 and 44.80 ; in case price penetrated any of those levels the continuation on the breakout direction is the scenario , moreover , as the market trend is down and the fundamental of the oil market have not been changed yet so the down breakout is most probable scenario to the levels of 42 and 38 respectively .
Daily Trend: Down
Weekly Trend: Down