Oil breaches a new support. - Technical Analysis. - 12-01-2016
Crude oil prices kept declining in the intraday levels trading, breaking the support of 32.00, with the complete dominance of the main downward trend in the medium and short terms along the trend line as shown in the attached chart, and with negative pressure from the simple moving average for the period 50, along with an influx of continuing negative signals from relative power indicators like the Stochastic as shown below the attached chart.
Therefore we expect more losses for the crude, as long as the resistance of 32.00 holds on, targeting thereafter the support of 28.60.