FX.co ★ Crude Oil Technical Analysis for June 28, 2016.

Technical outlook and chart setups:

Crude oil has already resumed its downtrend, possibly wave 5, which is setting up for a drop below 26.00 levels going forward. The journey has begun from 51.50 levels, and the price is now trading around 47.50 levels, after hitting fresh lows at 45.80 earlier. Please note that this counter-trend movement has a potential to rally to 48.70 levels, which is also the Fibonacci 0.618 resistance of the drop between 50.50 and 45.80 levels. Bulls are expected to remain in control in the short term, before letting bears take control back. It is recommended to remain flat for now and wait for prices to reach 48.70 levels, before taking short positions. Immediate support is seen at 45.80 levels, while resistance is at 48.80 levels.

Trading recommendations:

Remain flat for now, look to sell higher at 48.70 levels.

Good luck!