Crude oil price started a downward move from well above the $105 level against the US Dollar. The price declined below the $100 level to move into a short-term bearish zone.
The price even settled below the $98 level and the 50 hourly simple moving average. It traded as low as $93.35 and is currently showing bearish signs. There is also a key bearish trend line forming with resistance near $97 on the hourly chart.
An immediate resistance is near the $96.50 level. The next key resistance is near the $97.00 level and the trend line, above which the price might rise steadily towards the $100 resistance level.
If not, the price might continue to move down towards the $93.35 low. If there is a downside break below $93.35, the price might accelerate lower to $91.20. Any more losses might call for a test of $90.00 on FXOpen.
