Oil breaches the support of a negative pattern. - Technical Analysis - 06-01-2016

Crude oil prices kept falling in their intra-day levels trading, with the continuous negative pressure from the simple moving average for the period 50, which led the prices to breach the support of a negative technical pattern that formed previously in the short term, which is the Symmetrical Triangle pattern, that is complimentary to the downward trend in the short term; doubling thereafter the negative pressures on the crude's next movements.

 

Therefore we expect more decline, targeting thereafter the crucial support level of 35.34.