Crude Oil: Heading In A Bearish Direction
ICN.com | Aug 10, 2015 05:18AM ET
Crude Oil started to the week below 44.00 and this is classified as a negative catalyst and would extend the bearish wave.
Moving averages continued to cover the movements from the topside, while trading within the bearish channel could bring a test of 113% Fibonacci at 41.06.
ADX is negative, although, RSI is moving below the value of 30.00.
The signs of divergence will not change our bearish outlook for oil as far as 46.15 holds and 45.00 is the clue for intraday sellers.
Support: 43.30 – 42.80 – 41.60
Resistance: 44.00 – 44.50 – 45.00
Direction: Bearish
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