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Crude Oil

2/3/2016 2:49:24 AM

Oil keeps tumbling - Technical Analysis - 03-02-2016

Crude oil prices fell in the intraday levels, breaking the support of 30.31, which represents the ratio 61.8% of Fibonacci retracement levels for an ascending wave in the short term (from 27.54 to 34.79), with ongoing negative pressure from the SMA for the last 50 hours period, along with the start of a forming negative divergence in the Stochastic indicator as shown below the attached chart, doubling the pressures on the next trading.

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



Trend Bearish