Stay below keeps the bears fully in control.
The price of crude oil is now down about -7% on the day. Wow.
Iran sanctions, Khashoggi killing payback from Saudi Arabia, longs getting squeezed are part of the story.
Technically, looking at the daily chart, the price has stepped down since peaking in early October (one day after the killing of Khashoggi), falling below the 100 and 200 day MAs (green and blue lines). More recently, the 38.2% has been breached at $57.48 area. Today the 50% midpoint of the move up from the February 2016 low was broken at $51.37. That will be a close risk barometer for shorts on a close now.
Drilling to the hourly chart below, the price has remained below it’s 200 hour MA (green line in chart below) since October 10th. There have been attempts to rally above its 100 hour MA but those attempts have failed on each attempt. The price is currently running away from that MA at $54.88.
A lower trend line comes in at $49.29 currently (and moving lower).