Breakdown confirmation on Oil

WTI oil has been dropping steadily for the past few trading days and today it breaks below the 200 day exponential moving average and the 44.00 level. The bearish trend may continue and right now the road is clear all the way to the 40.00 level. However, we must be attentive to a pullback to the 200 day EMA, where the price may bounce back down and complete a breakout-pullback pattern. Above the 200 day EMA, its next resistance may be the 46.00 level along with the 55 day EMA, purple line. As long as the price of WTI oil stays inside the bearish channel shown on the daily chart, it may continue lower.