Has the price of oil found support or is it just the beginning of a big journey?

Are we need to be prepared for Crude oil Prices To Rebound

weeks of growing inventory builds, combined with fears of diminishing demand and US waivers for eight countries to continue oil purchases from Iran for 180 days have combined to push crude oil prices lower.

Prices rose slightly yesterday prior to the data release as optimism grew that OPEC will indeed cut production once again after its December meeting, but today is going to be an important day for the crude: The U.S. Energy Information Administration report on crude oil inventories is due to be released today at 10:30a.m. EST.

Oil has entered the bearish territory

it was so expected and I wrote it for you: “Is there a negative deviation between the oil  price and the technical parameters on charts ?”

In 4 /7 I posted this:”crude oil showing suspicious signs” 

Crude oil  analysis

Crude oil technical analysis

Now after the big drop, the trend has changed to bearish, and 64+_ $ price level became resistance level, we need to watch on 53-54 $ price area that may become support area, I am expecting to see retracement on those level to check again  60$ price area
Break above 54+_ levels  price will send crude oil to cope with the 60+_ price level, while stay below those levels will  show us that this is just the beginning of a great journey down

Crude oil technical analysis

This review does not include any document and/or file attached to it as an advice or recommendation to buy/sell securities and/or other advice