Daily Sentiment: Bearish.
Weekly Sentiment: Bullish.
Trend Strength: Moderate
First Target: 54.67 (Support zone)
While OIL holds inside this channel we must be ready for further weakness towards second support zone which is around 50.50 zone.
Currently there are two potential bearish scenarios.
First, OIL stays below Pivot point and falls from here.
Second, OIL breaks above Pivot point and hits Resistance zone from where fall could begin.
To cancel fall need close above channel and previous highs.
But if everything goes as expected (OIL falls) I see that 50.50 zone as good buying zone for long-term.