Crude oil price has broken major support ie .$ 46.0 it will go down further till $ 44.00 after that here will be demand of crude oil possible, we can take buy position from that demand line for the target of $ 47.90.
Crude moved lower on Monday but ended the day in the middle of the daily range, unable to break through Friday’s low of 46.74. Price also tested the weekly Pivot Point above at 48.13 but was not able to break above that mark. As long as crude trades below that Pivot Point, it indicateds that price wants to keep moving lower. The Heikin-Ashi chart showed a slowing of the downward movement with an inside candle today. However, the trend is still solidly red.