End-of-week crude analysis

NYMEX:CL1!   Light Crude Oil Futures
Well, contrary to my reading earlier, crude did not have a meaningful retracement, and they instead decided to send crude prices lower, finishing out the week at the low. Looking at the chart, the outlook on crude is downward. Notice how earlier in the week they pushed prices higher after hitting the 50% retracement from the low on 02/09 and the high on 03/25, but then sold it down after reaching the fib. level at 63.73. What's more, they closed the price under the 1.618 extension in the figure. My impression is that over the near-term crude may be sold down to the 2.618 extension level at 59.18, and possibly (though less likely) the 4.236 extension at 54.64. Downside resistance may come in around 61.31, 60.37, and 58.07. Cheers!
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