Crude Oil Likely to Fall to $60.00 per barrel

The price of crude oil is currently establishing a harmonic ABCD pattern, which means that the correction is likely to head towards the bottom at point C (60.50) next.

This is further substantiated by the fact that this level is positioned quite close to the lower boundary of a major Distribution range.

The MACD indicator is already underpinning rising bearish momentum. Meanwhile, weaker global demand is also likely to support the dropdown.