Crude oil has bounced off the resistance of a 78.60% Fibonacci retracement level near 66.35. This event hes resulted in a decline down to the combined support of the 55 and 200-day simple moving averages at 60.00.
These support levels are expected to push the commodity price once more into the 66.35 level.
On the other hand, the SMAs could be broken. In that case, the 57.95 level would be targeted, as the 61.80% Fibo is located there.