Our Expectation: CLN7 - Possible new lower move, after end of a correction up to a horizontal resistance around level of $50.00, with SL: $50.30. Price was not able to continue up to its previous high around $52, even after the OPEC's meeting in Vienna. Price remains below its 50 и 200 SMA and this increases the chances for the price to start moving down with its medium term trend. Price is also crossing below Fibo 38.2%.
Alternative scenario: If the price moves above the $50.30 this will cancel the bearish signal, but it can give us a signal for long instead.
Comment: Medium term negative trend
DEM (14) - Indicator is at its upper part of its range.
Senan Fuchedzhiev - Trader
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