Oil keeps falling - Technical Analysis - 10-02-2016
Crude prices dropped in the intraday levels, which comes as the last of a long series of losses in the recent short-term trading, with the overall dominance of the main downward trend in the medium and short terms along the trend line, and with negative support from the SMA for the last 50 days period, with crude then breaching the support of 29.40, confirming the downside streak.
Therefore we expect more losses to come for crude oil, targeting the pivotal support of 27.54.
Trend
Bearish