Crude Oil (CL) held above the descending green price channel line for only two days. After dropping 84 cents by Friday, the quote fell below this channel line.
Now, the price must break through the support at 68.69 to move freely toward 66.77. Further decline may continue toward the 65.27/80 range, with the upper boundary defined by the lower descending price channel line.
On the H4 chart, the price is gathering momentum for a break below the 68.69 level, which is reinforced by the MACD line. Moving below this level opens the path to the first target level. The Marlin oscillator is declining in negative territory, helping the price gain strength for a decisive attempt to break the 68.69 support.
