Overview :
Oil dropped below $30 a barrel in New York as equities tumbled and no agreement emerged from Venezuela’s tour of crude-producing nations. Speculators’ short positions on crude were near a record and Crude oil Futures fell 3.9 percent.
On Technical charts, Major trend of crude oil is still negative and market is making lower top and lower bottom formation on chart. Market look like it is likely to go below psychological level at $30.00 again. During last week trading session it took resistance of 200 DMA on four hourly chart. It has been trading below 200 DMA and 50 DMA appearance of dead cross on technical chart. Resistance is seen near the level of $33.55, while support is seen at $29.55. On intra day basis Crude oil price likely to trade lower today. If it break the support of 29.55 then it is likely to show the level of 28.00.
Indicators
RSI is still place in negative territory below the mark of 50.
Best of luck trading guys and let me know how you get on!
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