Crude Oil Price Sliding Faster Than You Can Blink / Commodities / Crude Oil

Crudeoil futures declined sharply on Friday. The steep slide’s result was a breakdown below the lower border ofthe rising green trend channel. As the prices closed the day below theformation, it’s clearly a bearish development.

Despitethis setback, the bulls opened the week with a green gap, which has triggeredmodest improvement in the following hours. The bulls are fighting to invalidatethe earlier breakdown below the green trend channel, and have reached the lowerborder of the blue consolidation on intraday basis. Prices have pulled backsince though, and are currently trading at around $56.00.

Suchprice action looks like verification of the earlier breakdown. Coupled with thesell signals of the daily indicators, it suggests that lowercrude oil prices are just around the corner.

Shouldwe see such price action and another downside reversal today, the first targetfor the sellers will be today’s green gap.

Summing up, the bulls’difficulties in overcoming the new set of resistances: the 61.8% Fibonacci retracement, and the three gaps (pink, red and orangeones) were swiftly resolved to the downside on Friday. The steep slide tookcrude oil below the lower border of the rising green trend channel. Despitetoday’s bullish opening gap, the buyers are having trouble holding onto theirgains. The sell signals of the daily indicators suggest upcoming downswingcontinuation. The short position remains justified.

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Nadia Simmons
Forex & Oil Trading Strategist
PrzemyslawRadomski
Founder, Editor-in-chief

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