Crude Oil: selling pressures are still important

9 years ago - Published in Finance, Technical Analysis

Report from Yann Quelenn, Market Strategist SwissQuote

  •  Crude oil is definitely not recovering. The technical structure remains clearly negative in a context of oil oversupply. Hourly support at 29.40 (03/02/2015 low) has been broken and stronger support may be found at 26.19 (20/01/2016 low). Hourly resistance may be found at 34.82 (28/01/2016 high). Expected to see further decline.
     
  • In the long-term, crude oil is on a sharp decline and is of course no showing any signs of recovery. Strong support at 24.82 (13/11/2002) is now on target. Crude oil is holding way below its 200-Day Moving Average (setting up at around 47). There are currently no signs that a reverse trend may happen.