Oil: 92.50 Support Should Activate Bearish Resumption
ICN.com | Sep 03, 2014 06:46AM ET
As discussed in our last technical update, Oil has plummeted breaching through 93.20- pivotal support turned into resistance- while forming a long black candlestick. This candle has engulfed the previous week’s bullish candles suggesting more deprecation. However, we have a good support on the daily chart at 92.50, which should be breached first to activate the bearish resumption. A break below 92.50 will open the door up towards 90.00 psychological.
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