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Crude Oil






2/12/2016 4:28:09 AM

Oil amid negative outlook - Technical Analysis - 12-02-2016



Crude prices engaged in very volatile trading in the intraday levels after rising to test the pivotal resistance of 27.54 again before bouncing lower, with the overall guidance of the downward trend in the short term and intraday levels along the trend line, combined with ongoing negative pressure from the SMA50, and the forming of a negative divergence in the Stochastic indicator as shown below the attached chart.

Therefore we expect more losses to come for crude as long as the resistance of 27.54 holds on, targeting thereafter the support of 25.60.


Target
Risk


Support
Resistance


Trend Bearish

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