Oil resumes decline - technical analysis - 17-12-2015

Crude oil prices resumed their decline in the intraday levels, giving up to the negative pressures affecting them, like their trading along a main downward trend line in the short term. Making the situation even direr, the prices tested the resistance of 37.75 previously, but the level held on, which led the prices to bounce off lower, along with trading below the simple moving average for the period 50, and an influx of negative signals from relative power indicators.

 

Therefore negative pressures are expected to keep pushing oil downward, targeting the support of 34.50.