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Oil: 92.50 Support Should Activate Bearish Resumption

Published 09/03/2014, 06:46 AM
Updated 07/09/2023, 06:31 AM

Oil Daily Chart

As discussed in our last technical update, Oil has plummeted breaching through 93.20- pivotal support turned into resistance- while forming a long black candlestick. This candle has engulfed the previous week’s bullish candles suggesting more deprecation. However, we have a good support on the daily chart at 92.50, which should be breached first to activate the bearish resumption. A break below 92.50 will open the door up towards 90.00 psychological.

Crude Oil S&R Chart

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