Crude Fails To Stabilize Above 46.95
ICN.com | Sep 02, 2015 04:13AM ET
Oil failed to stabilize above 46.95 and that is the reason behind the bearish wave seen yesterday despite slight correction in the Asian session.
ADX is negative, but RSI is neutral above 50.00. Therefore, we may witness huge fluctuation with bearish tendencies as far as 46.95 holds. We see inappropriate risk versus reward ratio that prevents us from taking any positions now, noting that a break below 43.40 will cause a new bearish wave.
- Support: 44.00 – 43.40 – 42.40
- Resistance: 45.00 – 46.00 – 46.95
- Direction: Down
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