Bears consolidate after sharp fall and look for clear break of cracked key 200WMA

WTI contract remains in red on Monday, following sharp, nearly 10% fall on Thu/Fri and spiked to ne low at $52.10 in early Asian trading.
Mild recovery was seen during late Asian / early European trading, as bears showed hesitation after cracking 200WMA ($52.64) and ahead of key Fibo support at $51.61 (61.8% of $42.36/$66.58).
Oil price came under increased pressure on fresh tensions between the US and Mexico, as President Trump announced the US would impose tariffs on all goods from Mexico.
The latest news added to existing fears about the consequences of trade war which would slow global growth and reduced demand for energy.
Bearish studies add to negative sentiment, however, oversold conditions suggest the price may consolidate before resuming steep downtrend from $66.58 (23 Apr high).
Limited recovery is expected before fresh weakness, with extended upticks expected to stay below falling daily Tenkan-sen ($57.54).
Sustained break through 200WMA and Fibo support would signal extension of current third wave of five wave cycle from $66.58, towards its 200% Fibonacci Expansion at $50.83 and possible attempts towards psychological $50 support.
Two large bearish daily candles (Thu/Fri) weigh and add to negative outlook.

Res: 53.41; 54.47; 55.00; 56.16
Sup: 52.64; 52.10; 51.61; 50.83