Oil Technical Analysis - Uniglobe Markets

Oil Technical Analysis

Posted on February 8, 2019 at 06:56 AM

We still expect oil to continue to fall to settle around 52.50. We will keep our bearish expectations for the price of oil targeting 50.50, when breaching 53.50 will fail any attempt to decline and start a new bullish wave.

Support: 50.00

Resistance: 54.60

Price Trend: Down below 52.50 with a target of 50.50 with a breach of 53.50

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