Crude Oil Price Forecast: Bearish Continuation Targets Lower Support Zones
Author: Bruce Powers
Published: April 14, 2026
Overview
The article discusses the recent decline in crude oil prices, highlighting a bearish trend following the breakdown of key support levels and a rising wedge pattern. The analysis indicates that further price drops are likely, with specific lower support zones identified for traders to monitor.
Current Market Conditions
As of the latest trading session, crude oil prices have reached an 11-day low of $91.31, indicating a continuation of the bearish momentum. The breakdown of a rising wedge formation and the failure of the 10-day and 20-day moving averages as support suggest that a deeper pullback is imminent. The article notes that this decline is part of a larger ABCD pattern that began from a recent high of $118.29.
Key Support Levels
Several critical support zones are highlighted:
- The first support zone is at the 50% retracement level of $86.65, with a nearby swing low at $85.50.
- The 50-day moving average, currently at $83.21, is approaching this price zone and is considered a significant trend indicator.
- If the 50-day average fails to hold, a confluence of indicators near $79.30 could come into play, including a 100% projection of the falling ABCD pattern and the 61.8% Fibonacci retracement level.
Bearish Outlook Confirmation
The weekly chart analysis supports a bearish outlook, as a breakdown from a weekly bearish engulfing pattern occurred below the previous week's low of $91.60. This pattern suggests that further selling pressure is likely, making lower targets more probable.
Resistance Levels
Key resistance is identified at Monday's lower swing high of $105.99. The article notes that downward pressure will persist unless this level is reclaimed, although potential bounces back into resistance may occur before further declines.
Conclusion
The article concludes that the current bearish trend in crude oil prices is likely to continue, with traders advised to keep an eye on the identified support levels and resistance points for potential trading opportunities.