A few days ago we warned bulls that Oil price getting rejected and turning lower was a bad sign for them. We also warned that bulls will need to defend the $77.50-$76.50 support area otherwise there was danger for more downside. Yesterday price closed below the Daily Kumo providing a new bearish signal. Price today is making fresh lows towards $73. According to the Ichimoku cloud indicator trend is bearish. Resistance is at $77.50 and bulls will need to break above this level in order to change trend to neutral. With the RSI still not in oversold levels, we expect Oil price to continue lower over next week.
