Crude Oil on the 4 Hours Chart has been in a downtrend since 15 July 2019 when it registered the high price at 60.862. Subsequently, the price displayed a series of lower tops and lower bottoms. On 17 July 2019, Crude Oil recorded the low price of 56.231. Applying Oscillator Analysis on the price chart, one can notice that price is trading below the SMA 60 period Moving Average line, a fact that confirms the downward direction of Black Gold. Furthermore, the MACD (Moving Average/Convergence Divergence) Oscillator is recording values below the zero line which hints to the bearish bias of financial instrument. Additionally, the RSI (Relative Strength Index) Oscillator registers values below the fifty line which indicates negative sentiment. All three technical indicators are in agreement for the downward bias of the financial instrument. Applying the Fibonacci tool on the price chart, three price targets may be calculated. The first price target is estimated at 56.248 (161.8%). The second price target is seen at 54.950 (261.8%). The third price target is projected at 52.850 (423.6%). The first target was reached successfully. The Black Gold is currently trading below the downtrend line. Current price is 5.8 % below the last week close after a sharp decline in price during a period of heavy selling. The presence of the Long Black Body hints for a potential rally to the downside. Of course, supply and demand as well as the crowd sentiment will determine the course of Black Gold.