Oil continues falling

On the daily chart of WTI oil we can see a huge drop from the 51.60 area to the 44.00 zone. At the 44.00 zone, oil tried to jump to the upside, but it couldn’t keep the bullish momentum, coming close to the 200 day exponential moving average. Another visit to the 44.00 level may cause the price of oil to stall its fall there, but the bearish trend is still in place and it may break it to the downside. A breakdown of the 44.00 level may take oil to the 42.00 level, but we can see on the chart that the most important support so far has been the 40.00 level.