Crude Oil is negative – Technical Analysis – 16-11-2015

Crude oil price decline recently along with the negative pressure that comes by the descending channel on the intraday and short term basis, besides trading below the moving average 50, and settling below 41.40 resistance, besides forming negative divergence on stochastic, with the negative signals that come by the relative strength indexes.

Thus, we expect more decline for crude oil price in the coming trading as long as the price is below 41.40 level, targeting 39.40 support level as a next target.