Oil resumes decline. - Technical Analysis - 11-01-2016
Crude oil prices fell in the intra-day levels trading, with the prices still moving within a descending price channel in the short and medium terms, and with continuous negative pressure from the simple moving average for the period 50; getting close thereafter from the crucial support of 32.00, along with an influx of negative signals from relative power indicators. This is the second time the prices approach that support after bouncing off of it previously, only to get back to it again.
Therefore we remain neutral regarding the prices' behavior towards that support of 32.00, and in the case of that support holding on, the crude would gain some positive momentum that could help it rise again, targeting the resistance of 34.30.