WTIC Crude in the International market had lost more than 24% in the last two months due to too many negative factors. WTIC crude oil dips below $55 to its lowest level in a year, extending a record losing streak. Sentiment went really extreme negative when US President Donald Trump tweeted “Hopefully, Saudi Arabia and OPEC will not be cutting oil production. Oil prices should be much lower based on supply!”
After a slow and steady downtrend trading sentiment in crude oil really went extremely negative and probably a possible sideways to uptrend continuation on the 4 hourly timeframe. Quick Flip is currently in the neutral mode on the hourly timeframe with supports coming around 55.1-55.6 band with possible expectation towards 58 and 58.5 in short term.