Breaking News

Crude Oil

4/1/2016 3:41:06 AM

Oil leans on an important support - Technical Analysis - 01-04-2016

Crude prices fell in the intraday levels, leaning eventually on the important support of 37.60 for the second time, expressing its resolve to break through that level, with ongoing negative pressure from the SMA50, while the pair is hurt by that technical pattern that formed previously in the short term, the Rising Wedge pattern, as shown in the attached chart, and finally, we see an influx of negative signals from relative power indicators.

Therefore, in case of breaching the important support of 37.60, it will open the door for crude to fall more, targeting the support of 34.30 as a price target for that forming technical pattern.



Trend Bearish