Will the drop continue on crude oil?

The rally on the US Dollar and the weak demand numbers out of China has caused the price of crude oil to drop 2.5% during today´s trading session. On the daily chart of WTI oil, September’s contract, we can see that the price has broken below the 48.00 level and below the 200 day EMA. At the moment, the price is trying to break below the 55 day EMA, but it has not confirm such a breakout. None the less, WTI oil may try to continue falling and maybe visit the 47.00 level. To the downside, any of the round number levels could act as support, but the most relevant levels are the 44.00 and the 42.00. To the upside, above the 48.00 level we can see a congestion area up to the 50.00 level, if the price goes back to that zone it may consolidate again. In order for the price of WTI oil to go back to its bullish trend, it would have to break above the 51.00 level and the 52.00 level.