Oil trapped in a dazzling maze of trading - Technical Analysis - 15-01-2016
Crude oil prices were lastly confined in sideways trading, between the crucial support of 30.10, and the resistance of 31.65. The crude moved around the axis of the simple moving average for the last 50 hours period, prompting us to hold our expectation till the prices exit the sideways confinement.
Therefore we're waiting for a breach to either of these levels to determine the next moves; and if the prices broke through the resistance of 31.65, they'll target 33.20 afterwards, and if they broke through the support of 30.10, it'll open the door for more losses, targeting eventually the support of 28.60.
Trend
Bullish