Oil broke and closed below the lower boundary of the price channel and continued its decline to reach 40.50; price also crossed and closed below the simple moving average 200 indicating strong selling pressure that may push the price further to the down side
On Friday, the price temporarily rose to the 42.00 area to retest the 200 SMA before the selling pressure appear again pushing the price down to 39.60
The negative performance is expected to continue with targets at 38.80 ; 37.50 and 37.00
On Friday, the price temporarily rose to the 42.00 area to retest the 200 SMA before the selling pressure appear again pushing the price down to 39.60
The negative performance is expected to continue with targets at 38.80 ; 37.50 and 37.00