Crude oil has broken below a major price level and currently trades at $54. The following Crude Oil Elliott wave analysis suggests further price decline.
Crude Oil is retreating below $60 after last week surge. The following technical analysis is based on the Elliott wave theory.
Crude oil price has been on the back foot since July but has recently found some traction and bulls are stepping in to protect the $55 handle.
Crude oil price is seen making another attempt to regain the 53 handle in the European session this Friday, having found some support near 52.40 region.
Crude oil price fell deep into the bear territory after the EIA released inventories data for the past week. XBRUSD declined sharply to a low of $55.46.
Crude oil price plunges today after Iran announced that it had captured another vessel in the Persian Gulf.
Crude oil price drops sharply as a fresh deterioration in US-China trade relations clouded the outlook for global economic growth and oil demand.
In today's crude oil price forecast, WTI extends the consolidation theme between $56.00 a barrel and 57.00 resistance.
Crude oil price ran into sellers again at the $57.20 to $57.40 resistance zone (R1) yesterday, as prices pulled back from the 20-period moving average finishing the session around $56.