FXstreet

"While inventories were lower when the Energy Information Administration released its weekly Petroleum Status Report Jan. 6, prices continued to drop for the week, indicating that investors are not likely to see improvement in oil price levels for at least the first half of 2016."

Weekly price is located below 200 period SMA and below 100 period SMA for the primary bearish market condition. Fibo support level at 30.39 is going to be broken by the price from above to below for the bearish breakdown to be continuing.



If the price will break Fibo support level at 30.39 so the bearish trend will be continuing.
If not so the price will be ranging within the levels.
Trend:

W1 - bearish breakdown



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