WTI Crude Oil - Crashes Into $40's As Hedge Funds Sell Off

Oil prices fell fast on Friday afternoon as traders see the rising rig count as yet another sign that the markets are still grossly oversupplied.

Detailed news, Oil Crashes Into $40’s As Hedge Funds Sell Off 
 
Prior to the decline, there were two articles which caught my attention. 

The first one was reported on 11 April 2017 raising the concern on oil majors' dilemma - how quickly should they seek to replenish reserves ?

For detailed news, Oil majors' reserves are shrinking and investors don't mind

Followed by report on 18 April 2017, Citigroup Inc. joined Goldman Sachs Group Inc. in backing commodities, saying it's the season to have faith in raw materials and oil will probably rally to the mid-$60s by the end of the year.

For more news, Citi Sees Oil Surging $10 as OPEC Combats Roaring U.S. Shale

For those who followed this blog, a question was raised on 13 April 2017 in the post - Does the price action has momentum to go higher ?
 
Daily chart of West Texas Intermediate (WTI) Crude Oil.

Here is the latest S-Trader Trend Tracker resistance and support levels.
Resistance = USD 52.77
Support      = USD 49.38


Source :
1) Metastock 
2) www.oilprice.com
3) www.reuters.com
4) www.bloomberg.com