Technical analysis for US Crude oil, the bearish pressure accelerated after the price of Crude oil broke below the previous daily low at 74.74. The first target for the bearish daily wave, the 0.618 FIB retracement at 70.65, was reached. The second target is the 1.272 FIB extension at 65.70, and the third target is the 1.618 FIB extension at 62.00. If the price of US Crude oil breaks below the previous weekly low at 61.72, it will open the door for further bearish declines. The first target for this potential breakout is the low at 57.23, the second target is the 0.618 FIB retracement on the monthly chart at 53.35.
On the bullish side, we need to see the price of US Crude oil breaking back above the high at 79.20 in order to talk about a bullish run toward the previous high at 85.38.