On Monday, crude oil lost 0.71% as a stronger greenback and worries over a supply glut continued to weigh on the price. In this environment, light crude closed another day under the March low and re-tested its major support line. Will it withstand the selling pressure in the coming days?

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Although crude oil climbed above $43.50 on Friday, the combination of a stronger greenback and the Baker Hughes report pushed the commodity lower. As a result, light crude gained 1.28%, but closed the day below important resistance zone. What’s next?

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Crude oil continues to slide and it even managed to decline below March 2015 low, so the key question is if oil is about to slide much further or is the final bottom for this decline being formed.

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On Wednesday, crude oil moved little higher as a continuing drop in domestic inventories in combination with a weaker greenback supported the price. As a result, light crude gained 0.14% and closed another day above the support line. What’s next?

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Crude oil declined yesterday, but the session was not without a rebound. In fact, the move higher continues also today as black gold is at almost $44. Have we just seen a major triple bottom in crude oil?

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