Oil records more losses - technical analysis - 14-12-2015

Oil prices gave up ground in the intraday levels, with the complete guidance and control of the main downward trend in the short term, and with a negative pressure from the simple moving average for the period 50, and amid a continuing influx of negative signals from relative power indicators. All these factors are expected to pressure the crude greatly in the coming trading.

 

Therefore we expect a continued decline for the crude oil, targeting the support level of 34.27.