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3/30/2016 2:54:43 AM

Oil suffers from negative pressures - Technical Analysis - 30-03-2016

Crude prices kept falling in the intraday levels, hurt by breaking through a negative technical pattern that is contradictory to the main upward short-term trend previously, the Rising Wedge pattern, with ongoing negative pressure from the SMA50, as prices bounced slightly today in the intraday levels, trying to recover some of their losses, and coinciding with relative power indicators reaching extremely overbought levels compared to crude's upward movement.

Therefore we expect more losses to come for the crude, targeting the support of 37.60, and in case of breaching it, it will target the next level at 34.30.



Trend Bearish