Most commodities declined this week due to risk on sentiment after the French Elections. Oil price also declined, and it can be clearly seen in the 4-hours chart.
There was a break below a monster bullish trend line at $53.45 on the 4-hour chart, igniting a downside wave. Later, the price also moved below the 100 simple moving average (H4) at $51.90.
The most important move was below the 50% Fib retracement level of the last wave from the $47.24 low to $54.07 high.
At the moment, the price is finding support near $49.00, but it remains in a clear downtrend. There is also a bearish trend line formed on the upside with resistance at $51.40.
So, even if the price corrects higher, it could face sellers. On the downside, the next support is at $48.00.
Later today, the EIA Crude Oil stockpiles report (April 21, 2017) will be released by the Energy Information Administration, which may impact Oil prices.
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