WTI crude oil resumes recent steep down trend today and breaks 50 handle for the first time since October 2017. Further decline should be seen to 61.8% retracement of 27.69 (2016 low) to 77.06 (2018 high) at 46.54.
Considering bullish convergence condition in 4 hour MACD, some support could be seen there to bring short term rebound. But break of 52.72 resistance is needed to confirm short term bottoming first. Otherwise, near term outlook will stay bearish even in case of recovery.
In the bigger picture, current fall from 77.06 is at least corrective the long term rise from 27.69 to 77.06. Or it could be developing into an impulsive down trend. We’ll see the reaction from 46.54 to judge at a later stage.
