Technical Analysis and Outlook Crude Oil has at this point moved into completion Oil Dip $61.40 and approached what should be a significant Mean Support $59 (Stage 3), so there is a likelihood that at least a portion of the latest harm might be mitigated with a swift bounce. A decline below $59, though, and we might then find a retracement all the way down closer to $55 (Stage 4) and Major Key Support $49 (Stage 5). (See 'Commodity Market' for full Crude oil Market Commentary).
The 1D Channel Down is too strong and needs to be broken upwards with two straight strong candles in order to confirm an uptrend. Meanwhile, it is close to our TP = 60.20:
Tara
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The rally is over? Back to $30 range?
TradingSig
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@Tara, No, there will be rebound moves here and there. However, the worst case scenario we see is $49 down the road. Please read Market Commentary - Commodity Market tab.