Oil suffers from negative pressures - Technical Analysis - 08-01-2016
Crude oil prices gave up ground in the intraday levels, which comes after touching the resistance of the descending trend's line in the medium and short terms as shown in the attached chart, breaking thereafter through the support of 31.60 and settling below it, along with trespassing the SMA50, doubling the negative pressures on the coming trading, combined with an influx of negative signals from relative power indicators.
Therefore we expect more losses to come for the crude, targeting the support of 29.40.
Trend
Bearish