Oil Settles Below 48.05 Level
ICN.com | Jun 15, 2016 07:29AM ET
Oil futures settled below 88.6 % Fibonacci level, located at 48.05. Trading below the mentioned level may be the reason for the extension of the bearish trend, as it confirms the stability of the price below the 20 simple moving average.
Negativity is appearing on RSI, while ADX shows increasing strength of the bearish trend, and these factors supportive for the possibility of an extension of the intraday negativity, especially with trading outside the range of the bullish channel .
- Support: :47.30–46.30–45.55
- Resistance: : 48.05–48.90–49.60
Direction: Bearish below 48.05, targeting 47.30 and 46.30 as long as trading below 48.90
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