Breakdown attempt on WTI oil

WTI oil has been in a well-defined bearish channel with a good support at the 200 day exponential moving average. To the upside the 46.00 level has been acting as a good resistance and it may continue to do so. Today the price of WTI oil breaks below its 200 day EMA and below the 44.00 level, but the breakdown was short-lived due to the fact that the price went back up above the 44.00 level. If during next week oil continues going down, it may try to go and visit the 40.00 level, with the road practically clear until that level. The bearish momentum may accelerate, but also a bullish bounce is possible.