Crude Oil on the Daily Chart has been in a downtrend since 23 April 2019 when it registered the high price at 66.466. On 23 May 2019, Crude Oil recorded the low price of 57.198. 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 60.748 (161.8%). The second price target is seen at 57.214 (261.8%). The third price target is projected at 51.496 (423.6%). The first and second targets were reached successfully. The Black Gold is currently trading below the downtrend line. The presence of the Bearish Evening Star pattern 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.