Crude Oil Technical Analysis: Black Gold continues its descent as bearish EIA data sends WTI to $61.00 a barrel

• Crude oil is trading in a strong bear trend below the 50, 100 and 200-period simple moving average on the 4-hour chart.
• In reaction to the EIA data, oil lost almost $1 in a few minutes. Oil inventories rose to 5.7M versus 2.43M in the week to November 2 which was seen as very bearish by the market.  
• Oil is now continuing its descent reaching the 61.00 figure. While some consolidation up towards 62.00 can take place the momentum remains clearly to the downside.  

Crude oil WTI 4-hour chart

Main Trend:              Bearish

Resistance 1:           61.81 April 6 low
Resistance 2:           63.00 figure
Resistance 3:           63.59 June 18 low
Resistance 4:           64.00 figure

Support 1:             61.00 figure  
Support 2:             59.95 March 8 low
Support 3:             58.07 February 9 low
Support 4:             55.82 December 7, 2017

Additional key levels at a glance: