US Crude Oil - Hourly

US Crude crashing through both the 20-day MA and the 50-day MA on the 4-hour interval. Major support sits at $64.36 a barrel.

Crude oil with a big decline in today’s European trading session. Crashing through the 20-day MA and the 50-day MA on the 4-hourly timeframe, wiping Tuesday-Thursday’s gains. At present, trading at around $67.19 a barrel. Further support sits $66.91 followed by a major level at $64.36. A break and close below the major support level may see the price of crude slide further towards $63 a barrel. However, at the US open if consolidation is found, previous support levels of $68.57 and $68.97 are now acting as resistance. A break and close above these points could see the price edge back up towards the $70 mark. Nevertheless, the bias is currently bearish as the indicators are faltering. MACD has turned negative and RSI is also negative as it reads 37.