FX.co ★ Oil price breaks down out of triangle pattern.

Black lines- triangle pattern (broken)

Oil price yesterday broke below the lower triangle boundary support at $73.35. Yesterday the daily candle closed at $71.50 while today price remains under pressure trading close to $67. Short-term trend remains bearish since the rejection at $80.93. The RSI is making new fresh lows and is approaching oversold levels. So far bears remain in control of the trend. In the near term we could see a bounce to back test the broken support at $73.