OIL / D / Broke Trend Line Support and looking for continuation

Hi Traders,

In this article, we will be looking at the recent break out of the support on WTIOIL Daily.

Previously, we can see oil price has been putting a series of HH and HL and reached the Daily Resistance (Red) Zone (roughly 64.50 ~ 66.50) on 6 Jan 2020.

After the retest of the recent highs (Red Zone), Oil price has dropped substantially over 10%. Price tried to rebound from the TL Support but failed to break the previous structure resistance (near 59.80).

Recently on 22 Jan 2020, price further broke the Daily Trend Line Support (Blue Line) and the recent support (near 57.40).

We are anticipating a further price continuation to the downside with possible TP near 51.

Gordon @GoreStreetForex