Oil stays around the 50.00 level

After having consolidated for some days around the 52.00 level, the Light Crude Oil contract continued falling to the 50.00 level, but it has not been able to break that zone to the downside yet. None the less, the downtrend is still in place for oil and if it breaks that zone to the downside, then the commodity will practically have a clear road all the way to the 44.00 level, even though some pullbacks may show up on the way down. If the price goes back up or retraces to the upside, then it is possible that the 55 day exponential moving average (purple line) acts as a resistance or even the 58.00 level could also act as a resistance.