Oil amid negative outlook - Technical Analysis - 18-01-2016
Crude oil gave up ground in the intraday levels and short-term trading, exiting thereafter the sideways maze we alluded to in our last analysis, and setting the stage for more losses in the medium and short terms. the prices are trading within a descending price channel that limited its previous short-term movements, along with negative pressure from the SMA50, reaching eventually to the support of 28.60, which lent it some positive momentum that in turn helped it rise a little at the today's morning.
Therefore we expect more losses to come for the crude, amid a barrage of negative signals from relative power indicators, especially if the prices breached the support of 28.60, targeting thereafter the support of 27.30.
Trend
Bearish