Major technical damage to Oil. Watch for 29-28.25

FX:USOIL   CFDs on Crude Oil (WTI)
69 0 0
Oil             has been getting pummeled in 2016. Yesterday and today we saw some major technical damage with closes below the 31.11 fibonacci extension from last summer's local low. With today's +2% decline, we're firmly in no-man's land and due for a technical bounce. There's some monthly support b/w 29 and 28.25, and a new set of fib extensions down at 26.31 and 24.14. Today's action across assets hints at what might be a capitulation day for risk-on appetites. We'd ideally like to see a sell off in both $ES futures as well as oil             down to the 29.00 level. From there we could see a massive bounce higher to retest coincident resistance zones at 33.

Still bearish in the medium-term, looking at 25 for the next leg lower.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out