Oil smashes another support - Technical Analysis - 21-01-2016
Crude prices kept tumbling in the intraday levels and short-term trading, breaking the support of 28.60, which we alluded to in previous reports, with the overall guidance of the main downward trend in the short and medium terms, while trading within a descending price channel that limited the crude's previous movements, with negative pressure from the SMA50, with relative power indicators reaching overbought levels and emanating negative signals.
Therefore we reaffirm our negative forecasts for the crude oil, targeting the support of 27.30.
Trend
Bearish