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Crude Oil

2/2/2016 2:41:06 AM

Oil exposed to negative pressure - Technical Analysis - 02-02-2016

Crude oil prices kept depreciating in the intraday levels, after breaching the support of 32.02, which represents the ratio 38.2% of Fibonacci retracement levels for an ascending wave in the short term (from 27.54 to 34.79), with negative pressure from the SMA for the last 50 hours period, while relative power indicators have reached extremely overbought levels as shown in the attached chart, doubling thereafter the pressures on the crude's next movements.

Therefore we expect more losses to come for the American oil in the intraday levels, targeting the support of 29.25, which represents the ratio 76.4% of the same retracement levels mentioned earlier.



Trend Bearish