USOIL – Technical Analysis - Uniglobe Markets

USOIL – Technical Analysis

Posted on March 9, 2018 at 05:37 AM

The price of a barrel of light US crude to levels below 60.90, stability below this level is considered negative, and may occur further decline.

Relative Strength Index is trading below the 50-point line, we will expect an extension in the bearish direction, targeting the 59.50 level. From the top, only a break of 61.70 will negate negativity, but we would prefer trading below 61.70 to keep the downside better.

Price Trend: Down below 60.90 with a target of 59.50 with a breach of 61.60

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