Oil resigns under pressure - Technical Analysis - 26-01-2016
Crude prices tumbled in the intraday levels, which comes after the pivotal resistance of 32.50 held on, with the overall dominance of the main downward trend for the medium and short terms. Crude then moved beyond the SMA50, doubling the negative pressures on the next trading, which eventually led it to skid below the support of 29.80.
Therefore we expect more losses to come for the crude, targeting the support of 27.55.
Trend
Bearish