Crude Oil: Falling down with head and shoulder pattern

By looking at the daily chart we can see that crude oil is falling down and was making successively lower lows and lower highs. The first look of the chart is showing that bears had taken the charge and heading south side. The recent candlestick is bearish marabuzo which indicates bearish signal and crude oil is trading below all the major and minor EMA lines which is also providing strength to the bears.

From technical prospective we can see that the head and shoulder price pattern has been posted on the chart which is providing us bearish signal and the way crude oil is falling down it seems like they are approaching the $50 in near term. The short term to intermediate term trend is down so in a downtrend market always sell on high will be profitable strategy.      

Black gold is getting downside pressure from the 61.8% Fibonacci retracement line ( from $66.50 to $50.50 level) everything is in favor of bears so this week we are expecting it to arrive at $50 level. A weekly closing below $55 level will give us clear confirmation of further selloff.  below $55 level which suggests us that $50 is a very soft target of bears like a cake walk, and further sell off is on the cards.

Most of the indicators and oscillators are signaling bearish and waiting for the further bearish momentum. Odds are in favor of bears and daily to weekly bias remains bearish on the pair. A bearish crossover on MACD indicator is also favoring the bears.RSI is also favoring the bears for the time being. The $58 level is immediate resistance level followed by $60 whereas $52 level is strong key support level followed by $50 level.