Oil keeps falling. - Technical Analysis - 07-01-2016
Crude oil prices fell in the intra-day levels trading, with the overall guidance of the main downward trend in the short and medium terms, and with the crude trading within a descending price channel, along with continuing negative pressure from the simple moving average for the period 50, breaching eventually the support of 34.50, and doubling on the negative pressures.
Therefore we expect more losses for the crude, targeting the support of 32.00.
Crude oil prices fell in the intra-day levels trading, with the overall guidance of the main downward trend in the short and medium terms, and with the crude trading within a descending price channel, along with continuing negative pressure from the simple moving average for the period 50, breaching eventually the support of 34.50, and doubling on the negative pressures.
Therefore we expect more losses for the crude, targeting the support of 32.00.
Trend
Bearish