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Oil: Possibility Of Bearishness Increases With Stability Below 32.50

Published 02/03/2016, 06:12 AM
Updated 07/09/2023, 06:31 AM

Crude oil attempts to rise taking advantage of the support at 29.60 a barrel, located at 161.8% Fibo. But, technical indicators are still bearish until this moment, where the long candles formed the previous two sessions are supporting the possibility of breaching the above mentioned level.

Crude Oil Daily Chart

Therefore, we still expect further bearishness, noting that this possibility increases with the stability below 32.50, which represents the key resistance for the downside channel. But, we prefer to keeping the intraday trading for today below 30.50 to give higher chances the for the downside direction. In general, we will wait for suitable risk/return points to decide on our trading positions, noting that we have published out trading positions to subscribers at the top of this report. It is worthwhile to mention that the breach of 29.60 and the stability below it would cancel any possibility for an upside correction and would cause more drop in prices.

  • Support: 29.60-29.00-28.00
  • Resistance: 30.00-30.50-31.85

Pair’s direction: Downside, confirmed with the breach of 29.60

Notice: Our trading position is revealed for subscribers at the top of this report

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