Oil Declines As Prices Stabilize Above Downside Channel Resistance
ICN.com | Jul 30, 2015 06:37AM ET
Oil declined yesterday and our intraday bearish outlook, as 13% Fibonacci at 48.65 was taken out, assisting prices to stabilize above the resistance of the downside channel and above SMA20.
However, oil couldn’t achieve a four-hour closing above SMA50, and ADX started to move bearishly again.
As a result, we prefer to stay aside until we catch an actionable setup to define the next move.
Support: 48.65 – 48.00 – 47.00
Resistance: 49.70 – 50.00 – 50.25
Direction: Sideways
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