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Crude Oil






2/9/2016 2:07:01 AM

Oil amid negative outlook - Technical Analysis - 09-02-2016



Crude oil prices kept falling in the intraday levels, settling below the resistance of 31.60 with ongoing negative pressure from the SMA50, and the overall dominance of the main downward trend in the medium and short terms along the trend line, coinciding with a venting-off of oversold saturation apparent in relative power indicators in away that is contradictory to the prices' downward movements, adding to the negative signals for the coming trading.

Therefore we expect more losses to come for the crude, especially if the support of 29.40 is breached, targeting the pivotal support of 27.54.


Target
Risk


Support
Resistance


Trend Bearish

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