Oil rises while limited by a descending price channel. - Technical Analysis. - 08-01-2016
Crude oil prices pared some of their losses in the intraday levels trading, after leaning on the crucial support level of 32.00 that we talked about yesterday, along with leaning on the support of that descending price channel that limited the crude's previous movements in the short term, which in turn gave prices some positive momentum that helped it rise modestly at the end of the day. Today, the crude continued that correctional rise; attempting to recover what it can.
Therefore we expect modest gains for the crude in its next intraday levels trading, targeting the resistance of 35.34, before resuming its decline if that level held on.