Oil dropped below $30 a barrel in New York as equities tumbled and no agreement emerged from Venezuela’s tour of crude-producing nations. Speculators’ short positions on crude were near a record and Crude oil fell 3.9 percent.
On Technical charts, Major trend of crude oil is still negative and market is making lower top and lower bottom formation on chart. Market look like it is likely to go below psychological level at $30.00 again. During last week trading session it took resistance of 200 DMA on four hourly chart. It has been trading below 200 DMA and 50 DMA appearance of dead cross on technical chart. Resistance is seen near the level of $33.55, while support is seen at $29.55. On intra day basis Crude oil price likely to trade lower today. If it break the support of 29.55 then it is likely to show the level of 28.00.
is still place in negative territory below the mark of 50.
Best of luck trading guys and let me know how you get on!
then u can expect a large wave move up to 46---48 dollars(on 4th wave ) then will resume its 5th wave down move .If u look at monthly chart oil has broken 200% of wave one on the 3rd wave next halt 2.618% fib that will put oil around 7 dollar a barrel (some times this year)