Crude oil price started a fresh decline from well above the $60.00 level against the US Dollar. The price broke a few key supports near $58.80 and $58.50 to move into a bearish zone.
Moreover, there was a close below the $58.70 support and the 50 hourly simple moving average. The price traded as low as $57.72 and recently corrected higher. However, the upward move was capped near $58.70 and the price is again declining.
It seems like the price is following a bearish trend line with current resistance near $58.40 on the hourly chart. Therefore, a clear break above $58.40, the 50 hourly SMA, and $58.70 is needed for a decent recovery.
On the other hand, crude oil price could continue to move down below $58.00. The main support is near $57.80, below which it might drop towards $57.20.
