Crude oil is trading below its downward trend line on a 4 hour time frame. The price is also trading in a downward channel and as long as we trade within this channel the bias remains towards the downside. The price is firmly below the 50 day shown in yellow and the 100 day shown in red moving averages which further confirms that the bears are in strong control of the price.
However, the momentum indicators, the RSI and the MACD are showing extreme reading and this could bring a little relief rally for the commodity.
37.13- 38.42 Support Zone