Oil Falls Below 48.30
ICN.com | Jun 24, 2016 06:36AM ET
Oil futures price fell to levels below 48.30, and trading below this level is considered negative, especially as negative signs appearing on both RSI and ADX indicators.
The possibility of extension of the downward trend is high, but it will be necessary to break 45.60 support later to confirm extension of down wave. In general, it is possible to rely on trading below 50.00 to keep our bearish expectations, but at the same time, we would prefer to see price keep trading below 48.30 to keep the opportunity better.
- Support :47.00–46.00–45.60
- Resistance : 48.30–49.65–50.60
Direction: Bearish below 48.30, targeting 46.00 and 45.60 as long as trading below 50.00
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