Crude Oil Trading Below 48.35 Keeps Bearishness
ICN.com | Jun 27, 2016 08:45AM ET
SMA 50 located at a price of 46.85 stops crude oil price from achieving more bearishness. However, trading below 48.35 will make us keep our bearish expectations.
From the downside, breaking 46.85 and stability below it will push the price to test 45.60, which presented by the next target for the downside. Breaking price of 45.60 will open the way for more bearishness over intraday basis.
- 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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