Crude oil slumped as a stronger dollar prompted investors to continue trimming oil bets. Oil demand worries continued to pressure the market, after recent data showed a slowdown in quarterly economic growth and government data midweek which showed gasoline demand down 1.9 percent from a year ago. Oil's sharp slide this week is welcome because high prices may hurt the world economy and in the longer term accelerate the use of alternative fuels, OPEC delegates said. Now technically market is in oversold as RSI for 18days is currently indicating 29.13, where as 50DMA is at 4831.76 and crude is trading below the same and getting support at 4389 and below could see a test of 4363 level, And resistance is now likely to be seen at 4443, a move above could see prices testing 4471.

Trading Ideas:

Crude trading range is 4363-4471.

Crude oil slumped as a stronger dollar prompted investors to continue trimming oil bets

Crude looks to test support at 4389 and resistance is seen at 4443.

Oil's sharp slide is welcome because high prices may hurt the world economy - OPEC