WTI CRUDE OIL - Rebounded on the More Than 2-Year High and Drops Lower - 11/30/2017 (GMT)

The West Texas Intermediate Crude oil is moving lower over the last four days after it hit a more than two-year high at $58.93. During the week before, the price had an aggressive bullish run as it soared more than 6% in just one week. The bounce off the latter level drove the oil sharply lower, losing more than 2.5% from its performance. The next level to focus on is the $55.00 support barrier, which overlaps with the 23.6% Fibonacci retracement level with low at $42.10 and high at $58.93.The technical indicators on the short-term chart, are confirming the recent weak momentum as both are moving lower. The RSI indicator was holding in the overbought zone but now is sloping south in the positive path. Moreover, the MACD oscillator is moving lower after the bearish crossover with its trigger line but remains above the zero line.