On Tuesday, crude oil lost 1.83% as a bearish outlook from the International Energy Agency weighed negatively on the price. Thanks to these circumstances, light crude invalidated earlier breakout above the Fibonacci retracement and closed the day under $47. How low could the commodity go in the coming days?

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On Monday, crude oil declined sharply as OPEC's monthly report weighed negatively on investors’ sentiment. As a result, light crude lost 4.14% and invalidated the breakout above the Aug high and an important resistance line, closing the day only few cents above the previously-broken Fibonacci retracement. Will we see further deterioration in the coming days?

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Although crude oil moved higher after the market’s open on Friday, the commodity reversed and declined as the key resistance zone encouraged oil bears to act. Where will the commodity head in the coming days?

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On Thursday, crude oil reversed once again and re-approached the resistance zone as a weaker greenback and bullish comments from OPEC Secretary-General continued to weigh positively on investors’ sentiment and supported the price. Will this resistance area withstand the buying pressure in the coming days?

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On Wednesday, crude oil lost 1.86% after the EIA report showed a larger than expected increase in domestic inventories. Thanks to this bearish news, light crude reversed and invalidated earlier breakout above the Aug high. What does it mean for the commodity?

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