Crude Oil Prices Slide Ahead of FOMC Minutes

• Crude Oil Prices Slide Ahead of FOMC Minutes
  
• Intraday Support Found at $53.49
  
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Crude Oil prices are turning lower off of weekly highs ahead of this afternoons FOMC meeting minutes release. Technically, crude oil prices may be considered in a short term downtrend, as the commodity has declined below its 10 day EMA (exponential moving average) at $53.83.

If prices continue to decline, crude oil prices may be arguably seen as range bound on the daily chart. It should be noted that crude oil has not broken to a new since putting in the 2017 high at $55.67 on January 3rd. alternatively, the commodity has failed to put in a new daily low since trading to $51.34 on January 10th.