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Crude Oil






1/20/2016 3:02:55 AM

Oil resumes decline - Technical Analysis - 20-01-2016



Oil prices resumed decline in the intraday levels and short term, trading still within a descending price channel that limited their previous short-term movements, with ongoing negative pressure from the SMA50. Prices then touched the ceiling of that channel yesterday, which led it to bounce off lower towards the support of 28.60.

Therefore we expect more losses to come for the crude, especially if it broke through the support of 28.60, targeting thereafter the support of 27.30.


Target
Risk


Support
Resistance


Trend Bearish

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