Oil Price Facing Renewed Selling Pressure
A downtrend was initiated from the $47.40 swing high in Crude Oil Price against the US Dollar. The price faced a lot of selling pressure and broke the $45.50 and $44.75 support levels.
It traded as low as $43.88 from where a correction was initiated, and a triangle pattern was formed on the hourly chart.
The price traded just above the 23.6% Fib retracement level of the last decline from the $46.62 high to $43.88 low but failed to break the $44.75 resistance (support turned resistance). The price is currently moving lower, and may soon retest $43.88 or could even break it for $43.50.