Oil Technical Analysis - Uniglobe Markets

Oil Technical Analysis

Posted on December 6, 2018 at 07:01 AM

The price of oil continues to decline and is currently stabilizing around the 52.90 level. Stability below this level is considered negative and ensures further downside in the coming days. Technical indicators are supportive of the downside. Oil continues to fall as low as 51.00 as long as it does not breach the 54.00 level.

Support: 51.10

Resistance: 53.85

Price Trend: Down below 52.90 with a target of 51.00, with no breach of 54.00

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