Crude Oil Price Forecast: Battle at $59.00 Resistance Intensifies

Core Viewpoint - The crude oil market is currently in a downtrend, with key resistance levels at the 50-day average and the $59.00 swing high, which need to be surpassed for bullish sentiment to improve [1][4][6] Price Levels and Trends - The 50-day average, currently at $59.14, has been a significant area of resistance since early August, and a close above this level is necessary for a bullish outlook [1][2] - The $59.00 swing high represents a critical resistance point, and a breakout above this level is essential to shift market sentiment [1][4][6] - The recent low of $56.77 serves as key short-term support, with further support at $57.08; failure to hold these levels could lead to a bearish breakdown [3][5][6] Market Sentiment - The market remains dominated by bearish sentiment, as indicated by the inverted doji hammer candle pattern and the overall price action [3][4] - A convergence of the 50-day average with an internal downtrend line may indicate a potential shift in demand dynamics, but confirmation through price action is required [2]