USOIL Technical Analysis - Uniglobe Markets

USOIL Technical Analysis

Posted on February 9, 2018 at 05:43 AM

The price of a barrel of light US crude to levels below the price of 61.00, which is very negative, and may be cause for further decline.

A break of 59.00 is necessary to prove the extension of the bearish trend intraday. The RSI is negative, and the ADX indicator also shows the strength of the bearish trend. Also, trading below the moving averages are all supportive conditions for the extension of the bearish trend, unless the trades settle back above 62.00.

Price Trend: Down below 61.00 with a target of 59.00, with a breach of 62.00

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