Oil attempts to regain its footing. - technical analysis - 22-12-2015

Crude oil prices gave up ground in the intra-day levels, along with the negative pressure from the simple moving average for the period 50, and along with an utter dominance of the main downward trend, and the prices' movements within a descending price channel that limited the crude's previous movements in the short term; with the crude settling below the resistance of 36.20. The crude rebounded earlier in the morning, attempting to regain its footing, and to retest the resistance of 36.20; while noting that relative power indicators have reached extremely overbought levels.

 

Therefore we expect the prices to get back to declining, targeting the support of 34.50.